El Rey is a high-grade gold property in which GRC has a 100% interest. GRC is evaluating El Rey for mine development.
The site has been mined previously on a very small scale but very little historical information is known about the property. GRC has taken two selective grab samples from the dump material around the original shaft. The two samples assayed 80 and 85 g/t of gold, indicating that the samples are of potential vein material.
GRC's initial drill program discovered a high-grade gold vein system with significant silver credits. Drill results include:
Hole #7810
- 1.0 meter of 132.5 g/t gold, 88 g/t silver
Hole #7802
- 1.0 meter of 66.40 g/t gold, 86 g/t silver within
- 9.0 meters of 19.37 g/t gold, 75 g/t silver
Hole #208018
- 1.4 meters of 55.30 g/t gold, 71 g/t silver within
- 7.8 meters of 20.34 g/t gold, 78 g/t silver
Hole #208036
- 1.0 meter of 29.10 g/t gold, 27 g/t silver and
- 1.0 meter of 23.70 g/t gold, 36 g/t silver
GRC is evaluating mining and trucking El Rey ore 50 miles to the El Aguila mill (currently under construction) for processing. This is in line with the Company's objective of having multiple mines feeding ore to the strategically located El Aguila mill.
El Rey is in the early stages mine evaluation.
