(MENAFN - ProactiveInvestors - Australia) MacPhersons Resources (ASX:MRP) has found new gold zones at its Nimbus Silver-Gold-Zinc project near Kalgoorlie in Western Australia.
Recent reverse circulation and diamond drilling gold intercepts include 2 metres at 56.7 grams per tonne (g/t) of gold from 40 metres; 1 metre at 22g/t of gold and 3 metres at 8.13g/t of gold.
Most of the gold intercepts lie in the proposed Nimbus Silver Superpit cutback with the gold block valuation to be included in the current JORC resource update likely to be released within 4 weeks.
The new gold zones provide further support for a larger cutback to the West and South of the Nimbus Discovery and east pits, with an updated pit optimisation cutback and study to be done next month.
Nimbus silver mine operated from 2003 to 2007 and produced 3.6 million ounces of silver at average grade of 11.7 ounces per tonne.
Macpherson's review of historical project economics has shown that the cost curve from 2007 has remained flat while the silver sale price is 400% of that achieved earlier.