A bigger resource and bigger drilling plans were announced by Goldbelt Resources (GLD-T) for its operations in the West African country of Burkina Faso.
The Toronto-based junior has increased its measured and indicated resource by 15,000 oz and announced a new drill program to begin in May.
In Toronto on Apr. 24, Goldbelt was off 3.76% or 5 on a day when the price of New York gold was off roughly 2%. Goldbelt shares closed at $1.28 on 60,000 shares traded.
Based on extension diamond drilling results and 1,500 new density measurements, RSG Global revised the resource estimate at the company’s Inata site.
At a 0.5 grams per tonne cutoff, the total for measured and indicated resources stands at 15.5 million tonnes grading 1.9 grams gold per tonne for a total of 948,000 oz. of gold.
Formely, the measured and indicated resource stood at 15 million tonnes of ore grading 1.9 grams gold for a total of 933,000 oz.
In its press release, Goldbelt says it will start up a 35,000 metre drill program at the beginning of May 2006.
The program will focus on further expanding and defining resources at Inata and developing further resources within the Belahouro mining district, namely at the Fete Kole and Souma areas — all of the areas are in Burkina Faso.
The feasibility study for Inata is scheduled to be finished in the fourth quarter of 2006.
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