SAN SALVADOR, El Salvador Vancouver-based PACIFIC RIM MINING plans to conduct a revised resource calculation at its flagship El Dorado gold project in El Salvador in the fall of this year.
A current drill program at El Dorado aims to better define the existing resource in order to demonstrate an increased resource, it said in a statement.
At La Calera gold project, 20 km from El Dorado, Pac-Rim intends to calculate the first-ever resource estimate during the coming year.
With these new resource estimates in hand, Pac-Rim will commission a preliminary economic assessment to define the parameters of either or both of the projects, which may have tie-in opportunities due to their close proximity, the company said.
At the same time, Pac-Rim plans to conduct scout drilling at El Dorado and La Calera in search of additional gold resources with low-cost potential.
This two-pronged approach is part of a new strategic plan recently approved by Pac-Rim’s directors to increase the El Dorado resource to a size that could "vault" the company into a mid-tier 250,000 oz/year gold producer, it said.
Pac-Rim expects to fund the exploration, the resource calculations and the scoping study with cash flow from its Denton-Rawhide gold mine in Nevada, the statement said.
El Dorado’s Minita target currently hosts an indicated resource of 799,200 tonnes with an average grade of 13.7 g/t Au and 97.9 g/t Ag, totaling 352,000 oz of gold and 2.5 million oz of silver.
Learn more at www.pacrim-mining.com.