(MENAFN- ProactiveInvestors)
() has added 14500 ounces of gold resources to its 60%-owned Penny’s Find deposit in Western Australia.
The update follows a successful July drilling campaign and modelling revision work which is believed to more accurately reflect the project’s high-grade component.
Resources at the site now stand at 470000 tonnes grading 4.4 grams per tonne for about 668000 ounces of gold.
This compares to the previous estimate of 314000 at 5.18 grams per tonne for 52300 ounces.
The new resource incorporates results from recent metallurgical drilling including a 7-metre intersection at 4.65 grams per tone gold and 19 metres at 935 grams per tonne gold.
The more high-grade focused interpretation of the resource contemplates extraction by both open cut and underground mining methods.
The total in-situ Penny’s Find resource extends to at least 250m below surface and remains open at depth.
The remaining 40% stake in the project is held by Brimstone Resources a delisted operator controlled by LionGold Corp (SGX:A78).
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