Continental Gold Ltd. discovered more potentially commercial amounts of gold and silver at its Buritica project in Antioquia, Colombia, the company said Wednesday.
The results from two diamond drill holes significantly expand the resource potential of the Veta Sur system (of the Buritica project), the Toronto-based company said.
Ten drills are expected to complete about 100,000 meters of surface and underground drilling by yearend, providing more clarity on the extent and quality of the new discoveries.
The Buritica project's current estimate of measured and indicated resources is 630,000 ounces of gold and 1.5 million ounces of silver. Inferred resources are 2.5 million ounces of gold and 9.5 million ounces of silver.
Continental is sole owner of the Buritica project, which is northwest of Medellin, and plans to begin building an underground ramp in the second quarter of next year. Production is set to begin in 2014.