Goldrock Mines Corp. is a well-structured mining development and exploration company led by a team of experienced mine developers, explorers and deal-makers. Previous exploration activities have been focused in the Puna of northwestern Argentina, predominantly in the province of Salta, since August 1994. Goldrock was one of the first companies to commence exploration in this area when Argentina changed the mining laws to attract foreign investment. With its early land position, Goldrock was well positioned for the exploration and development of several highly prospective targets.
In 1999, the Goldrock exploration team discovered the 100% owned Lindero gold property and after subsequent exploration and development, published a NI 43-101 Resource Estimate in June 2008 announcing 1.6 million ounces Measured and Indicated grading 0.72g/t Au and 0.27 million ounces Inferred at a cut-off grade of 0.45g/t.
In March 2010, the Company announced results of a pre-feasibility study conducted by AMEC Americas Limited demonstrating the robust economic nature of the Lindero gold deposit based upon a 1.9 million ounce gold reserve.
A full feasibility study on the Lindero deposit has been commissioned with completion anticipated in early 2013. This final feasibility study will be based on an open pit, heap leach gold mine operating at approximately 15,000 tpd using a higher cut-off grade of 0.4 grams/tonne Au, increasing average grades early in the production schedule and lowering initial capital requirements. Different production options are being assessed from a standard 10 year life of mine production plan to more selective mining approaches that would allow for initial processing of higher grade ore at reduced throughput, to reduce initial capital cost, followed by scaling up of the operation utilizing the early project cash flow.
The Company has recently completed a 13 hole (2,983 metre) diamond drilling program on its 100% owned Arizaro gold-copper porphyry discovery, which is located immediately adjacent (3 km southeast) to the Lindero deposit. The Arizaro porphyry system, as defined by drilling, surface sampling and mapped alteration, covers a 600 metre by 500 metre surface area. Gold-copper mineralization occurs from surface to a true vertical depth of 300 metres and remains open for expansion in all directions. Goldrock initially tested the discovery with 16 diamond drill holes, all of which had significant mineralized intercepts with numerous thick sections greater than 100 metres with grades greater than 0.30 g/t gold and 0.15% copper, and with one hole returning 48 metres of 1.38 g/t gold and 0.36% copper. The recent drilling program extended the high grade gold mineralization 65 metres to the north in addition to extending the high grade zone a further 50 metres to the south. The Company is planning to release a maiden NI 43-101 report on the Arizaro project in Q2/2013 and is assessing the potential of the deposit to provide higher grade gold resources that could significantly extend the Lindero mine life and/or increase Lindero's annual production profile.