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Cerro Dorado, Inc., incorporated in the State of Nevada, USA, has been developing the Fortuna Gold property located in the metropolitan region of Chile, South America since 1999.
The property consists of the Lonco Millarepu 1-60 claims covering 270 hectares on the Lipangue plateau adjacent to the Discovery claims of Medinah Minerals, Inc. Ownership of the property is through the Chilean subsidiary of Cerro Dorado, Inc., namely Cerro Dorado (Chile). The property was purchased in 1999 from Juan Jose Quijano Fernandez of Santiago, Chile.
Previous work on the property consisted of 853 meters of underground development, 156 meters of shafts, 162 meters of chimneys, and 535 meters of drifting and access levels. Production averaged 17 to 20 grams of gold per tonne and direct ore shipments of 2,000 tonnes in 1955 returned 63.9 grams/tonne gold, 51.2 grams/tonne silver and 0.2% copper.
Howe Chile Limitada reported to the company on July 12, 1999 “La Fortuna property represents a favorable target to host narrow, high grade, vein style, gold mineralization at relatively shallow depths, and this target remains open in most directions and could be larger in extent than currently exposed. In addition, the south portion of the property there is a weakly defined target which has the potential to host breccia type mineralization similar to Medinah Mining’s recently discovered Alto de Lipangue gold-copper breccia pipe, which outcrops approximately 2.0 kilometers to the southwest.”
ACA Howe proposed a two-stage exploration budget of $1.1 million US of which Cerro Dorado, Inc. has completed all the required exploration prior to proceeding with the recommended diamond drilling of approximately 7,300 meters.
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