Canadian junior LINEAR GOLD of Halifax is stepping up its drilling program at the Campamento area of its Ixhuatan gold project in Mexico's Chiapas state, said the company's manager of investor relations Terry Christopher.
Linear recently announced that it had identified additional gold mineralization to the east and south of previous drilling at the main Campamento target. "These recent results are quite exciting because up to this point in time we had thought that maybe the southern extension had been closed off but it appears with this new data that we may have an open southern extension," Christopher said.
The company is now bringing more drill rigs to Ixhuatan in an attempt to expand its exploration both inside and outside of this target. Linear will place three or four drills on the original Campamento target, while another one or two will focus on targets outside this area. Currently there are only two rigs operating.
Christopher said Linear's focus is now on exploring as much of the property as possible.
"We just raised $25 million dollars and we plan to spend at least $10 million at Campamento this year. Our goal is to find as much gold as we can over the next 12 to 24 months so we become a high priority takeover target for a major mining company," he said.
Linear still plans to have a mineral resource for the Campamento target established by the end of the year, he added. In February the company announced intersections of 5.8 g/t Au over 132.0 m and 7.1 g/t Au over 81.6 m at the Ixhuatan project. Further news is available at www.LinearGoldCorp.com.