Blina secures company maker in Colombia
The prospect of finding a million ounce gold deposit somewhere keeps many West Perth CEO’s getting out of bed each day.
However, in the famed Middle Cauca gold belt in Colombia, finding only a million ounces of gold wouldn’t be enough to even contemplate getting out of bed each day.
It is estimated that in the five years leading up to 2012, 47m ounces of gold resources were unearthed in the Middle Cauca gold belt, a north south trending geological structure located in the central west region of Colombia.
Importantly, most were multi-million ounce deposits that would have most West Perth CEO’s blushing as they jumped out of bed each day.
The Middle Cauca gold belt first started to attract legendary status after companies such as Anglo Gold Ashanti discovered its aptly named la Colosa 12m ounce gold deposit back in 2008.
That deposit now contains closer to 24m ounces of gold plus another 24m ounces of gold equivalent from other minerals.
A plethora of multi million ounce deposits were subsequently uncovered in the Middle Cauca gold belt by a raft of companies and it then started to attract the interest of some of the worlds largest mining companies and most celebrated mining players.
Over the last few years, companies operating in the Middle Cauca belt in Colombia have appointed mining types from some of the worlds largest resource companies including Hans Rasmussen, who was appointed CEO of Colombia Crest Gold but was formally with Rio Tinto, Robert Sedgemore, appointed CEO of CuOro Resources and formerly at one of the world’s largest copper mines, BHP Billiton’s Escondida and Patrick Highsmith, appointed CEO of Bellhaven Copper & Gold who was also formerly with BHP Billiton.
Why is all this relevant?
Because a little known West Perth mining junior by the name of Blina Minerals with a share price of just 0.1c (thats just point one of one cent) has just secured a very large exploration play right in the middle of these Middle Cauca multi-million ounce deposits.
And the project, known as the “Andes” project, located 65km south west of Medellin, seems to have its own set of encouraging numbers too, albeit it is very early days.
Five recent straight line surface soil sample programs returned some very interesting results which include 90m @ 5 grams per tonne gold and 220 grams per tonne silver, 50m at 3.5 g/t gold, 60m @ 2.8 g/t gold, 110m @ 1.1 g/t gold and a whopping 640m strike length grading 1.3 g/t gold with 20m spacings.
A total of 8 discreet soil anomalies were discovered in total over a 20km strike length with other soil and outcropping samples grading anywhere from 15 grams per tonne gold to 50 grams per tonne gold.
Adit samples varying between half a metre and one and a half metres in length and grading anywhere between 17 grams per tonne gold and 65 grams per tonne were also returned.
A cursory glance at a map of the Middle Cauca gold belt in Colombia shows Blina’s Andes project exquisitely wedged immediately to the south of the 9moz Buritica mine, the 11moz Titiribi mine and the 1.6moz La Mina mine.
It is also situated immediately to the north of the 14moz Marmato mine and the 3moz Qunchia mine.
Just 3km to the east lies the 6moz Quebradona mine that also boasts nearly 4m tonnes of copper bearing ore and immediately to the west is the celebrated El Roble copper mine with 4% copper grades.
In fact Blina’s Ande’s project is strategically located on the junction of the Middle Cauca gold belt and the Choco Porphyry Copper belt, potentially adding copper as a real chance for a significant find.
As far as good addresses go, the Ande’s project is the mining equivalent of a leafy green suburb with high end properties and its own early stage numbers look to be equally encouraging.
Blina Minerals recently inked a deal with the unlisted Andes Resources Ltd to acquire 50% of the Andes project by spending $5m on it over 3 years. Andes have already spent $2.5m exporing the project.
A four month due diligence period applies whereby Blina will conduct legal due diligence on tenure, verification mapping, sampling, costeaning and trenching.
Blina recently raised $863k before costs to fund its first round of exploration at Andes at .001c per share from a group of high net worth individuals who are now strapped in for the ride.