The La Colosa porphyry gold project is located 150km west of Colombia’s capital city, Bogota, in the district of Tolima. La Colosa is the second major greenfield discovery in Colombia. AngloGold Ashanti explored in the site in 2006, followed by initial JORC-compliant resource estimates in May 2008.Resource delineation drilling was undertaken during 2007 and by the end of the year around 12,000m of diamond drilling (in 42 drill hoes) had been completed.
The company announced an initial inferred resource of 468.8 million ounces at 0.86g/t gold totalling 12.9 million ounces.
The drilling and resource modelling at La Colosa is defined as a porphyry system with a grade of more than 0.3g/t Au extending over a strike length in excess of 1,500m. It has an inferred mineral resource of 381.4Mt at 1.00g/t Au for 12.3 million ounces of gold at a gold price of $1,000 per ounce and a lower cut-off of 0.3g/t Au."La Colosa is the first major gold porphyry discovery in the Andes."
Based on present drilling and geochemical observations, La Colosa’s mineralisation systems, along with the La Belgica sector, remain open to the north, south and east.
La Colosa is the first major gold porphyry discovery in the Andes and AngloGold Ashanti has first mover advantage with granted and application tenements covering an area of around 61,700km².
Drilling activities at La Colosa were suspended in late February 2008 due to environmental requirements. Subsequently, all the necessary documentation was submitted to the relevant authorities for approval. The drilling activities are expected to resume in April 2009.
During 2008, the mineral resources increased by 33.4 million ounces to 241.0 million. The project enabled company to add 12.9oz of gold to its resource base by the end of 2008.
Future output is estimated at 700,000oz of gold.
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