Precious Metals
In addition to its gold and silver production from Cerro de Maimón, GlobeStar believes that there is significant potential for discovery of new gold deposits in the Dominican Republic and a portion of our exploration effort will be directed to this, as well as towards targets within Latin America.
Most of the company’s identified gold resources are located on the Bayaguana Concessions, which are 100% owned by GlobeStar. The Bayaguana district hosts the largest and most significant hydrothermal system discovered in the Los Ranchos Formation outside Pueblo Viejo. The geology of the eastern segment of the Bayaguana district (Trinidad Concession) was re-interpreted by GlobeStar in 2008 and is believed to have similar geological characteristics to the Pueblo Viejo deposit, and high potential for precious metal mineralization. The 2009 exploration program includes mapping, geophysical work, and drilling on an area known as Pueblo Nuevo.
The Cerro de Maimón operation is located only 14 kilometers from the Pueblo Viejo project owned by Barrick Gold and Goldcorp Inc. and which has reported gold reserves in excess of 20 million ounces. Development of the Pueblo Viejo project started in mid-2008.
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