The expansion is a reflection of a new resource calculation for the Freedom Flats deposit. The figure (measured and indicated) now stands at 2.4 million tons grading 0.059 oz. gold and 0.55 oz. silver per ton, equivalent to 143,000 oz. gold and 1.4 million oz. silver.
The overall property, including the Polaris, Borealis, Graben and Freedom Flats deposits, contains about 20.8 million tons averaging 0.057 oz. gold and 0.26 oz. silver, or 1.18 million oz. gold and 5.48 million oz. silver.
Mineralization is associated with four silica-rich hydrothermal systems.
“This expanded geological interpretation is providing a better understanding of the resource at Borealis, and leads us to believe that the gold-silver content is much larger than what was identified by previous operators,” says Golden Phoenix President Michael Fitzsimonds. He adds that the resource is expected to grow as the company begins exploring the East Ridge target.
Elsewhere in Nevada, the company has resumed drilling at the Contact copper property. The Banner zone contains a resource of 39.5 million tons averaging 0.95% copper.
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