Gemini Explorations has secured some exciting acquisitions in the largely underdeveloped mineral reserve wealth of Colombia, drawing on nearly two decades of connections within the industry in order to turn GMXS into the next big name among juniors in South American gold production.
The superb geological potential of the company’s two current projects, the La Planada and La Tapada gold properties, shows how intelligent the company’s management is, snapping up such richly mineralized acreage in key underdeveloped gold districts. GMXS even formed a Colombian subsidiary, Minera Gemini SA, back in May of this year to streamline/facilitate operations and act as a holding unit for the company’s Colombian mining concessions and interests.
Gemini is sitting on two key projects in districts/geology with massive future production capacity, one of which, the 100%-owned La Planada Gold Project, is a potential 3.15M ounce monster (valued around $4B at today’s prices) in the heart of the Los Andes Sotomayor Gold Belt. La Planada is a perfect example of underdeveloped potential, with ideal open rock exposure over the majority of the property that lends the site to open pitting quite readily. The abundant high grade gold veins at the site are also just under 50 miles outside the Province’s capital city of Pasto. With numerous workings at various levels throughout the site and such open exposure, logistics should be relatively simple to implement. Phase I sampling results are positive with the 3 principal vein samples (five sets of veinlets cross cut vein zones here, 1.3 to 6.5 feet in width) ranged up to 117.9g/tonne Au, with an average of 15.1 g/tonne (mixed vein/wall rock samples as high as 10.7g/tonne Au, with an average of 3.06 g/tonne and host rock samples showing 0.88 g/tonne on average).
Needless to say, in this game, grade is king. The economic viability of La Planada is well expressed across a variety of data sets that have come out of the analytical work, including this most recent effort, and GMXS is very confident of the grades on all vein and rock targets. If the Phase II sampling and subsequent drilling results confirm the current model, we are talking a massive block of mineable ore totaling some 59M tonnes, or 3.15M troy gold ounces at a 1.5 g/tonne cut-off grade.
The La Tapada project (80% interest) to the north is a producer in the still hugely underdeveloped El Bagre-Zargoza mining district. With striking potential similarities to La Planada and existing registrations at the Colombian Mining Department putting the grade range in the 15-20 g/tonne area (with true bonanza potential in the 250 g/tonne grades in select pockets via artisanal mining methods), we have an attractive, highly prospective concession for which Gemini has slated a sampling/drilling program series. Mineral Primecap Geological Services, the firm who handled rock sampling at La Planada, has even turned up zones within the property that show extensive mineralization, including gold, silver, and some typically associated base metals all being present. Phase I systematic channel/vein chip sampling results completed in June ranged as high as 243 g/tonne Au, with an average grade from an 18-sample batch showing 25.97 g/tonne.
The company has designs to put in a processing facility at La Tapada as well as expanding the explorative work along trajectories defined by the additional zone discoveries in concert with the sampling and drilling programs slated for the property. This is a solid opportunity for investors to get into Colombian gold production (Dept of Antioquia region outputs some 1.5M oz Au annually) via a small, efficient junior with good deposits. Markets will be keen to look at new data coming out of La Tapada/La Planada to further size up GMXS, but it already looks to be a firm believer in growing shareholder value through production and exploration of carefully acquired properties.
For more information on Gemini Explorations, visit www.GeminiMines.com
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