AscotMining

Chassoul Mine & Mill

  • The property, Mina de Oro, is located near the city of San Ramon, some 76 km from San Jose along the Pan American Highway, and then approximately 22 km via a secondary road, the first 10 km of which are paved and in good condition. The access road to the mine is gravel and has been upgraded substantially. Other major cities in the immediate vicinity are Miramar and Puntarenas.
  • The company acquired outright ownership of the property on 19 November 2010 by paying US$6.3m. There is an ongoing royalty of 2%.
  • Previous mining and processing on this concession began in 1991 and lasted till 1995. According to available information, 11,916 metric tons of ore were mined to yield 42.6 kg of gold, using mercury. The recovery rate was 30% to 40%.
  • In 2001 a pilot plant was built to recover gold from tailings and unprocessed ore stockpiled on surface. During this time a systematic sampling program was initiated and resulted in a thorough geological and economic assessment of the mine. The report titled "Geology, Reserves and economic Feasibility" by Miguel Alan, Geologist, is a very good overview of the potential of the mine Mina Chassoul, a copy of which is available from the Company.
  • The Chassoul Mine and Mill is operational, and initial production has commenced.
  • Although there are nine (9) identified veins, the initial mining and ore production will come from the Cajeta which has been mined in the upper levels. A new 175m adit has been driven some 40 meters below the current main entrance to develop sufficient headings to support a 150 ton a day operation. The mill design is based on work done by Lakefield Research, at a diluted head grade of .318 oz and test results indicate a recovery of 92%.
  • It is believed that the Chassoul Mine and Mill concession holds considerable potential as only the Cajeta Vein is being exploited and eight additional veins are targeted for exploration and development.
  • An exploration program has been commenced with the opening of an adit to access two of the additional identified veins.
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