High River Gold Mines (HRG-T) has boosted the mineral resource at its Bissa gold project in Burkina Faso, 80 km north of the capital city of Ouagadougou, by 11% in the measured category, 43% in the indicated and 18% in the inferred.
The latest figures incorporate new assay results from High River Gold’s drilling and trenching operations during 2007 and 2008.
The revised resource estimate was prepared to support conceptual mine design work that is currently being done to evaluate the feasibility of an open-pit mining and processing operation.
At a cut-off grade of 0.5 gram gold per tonne, Bissa now has a measured and indicated resource of 15.84 million tonnes grading 1.81 grams gold per tonne for contained gold of 924,000 ounces. In the inferred category Bissa has 17.73 million tonnes grading 1.40 grams gold per tonne for contained gold of 799,000 ounces.
The revised estimate is constrained within conceptual pit shells and includes only those resource blocks exhibiting “reasonable prospects for economic extraction” from an open-pit mine after considering certain additional physical and economic constraints, the company notes.
The assay results stemmed from samples taken from 118 trenches (11,935 metres), 181 diamond drill holes (23,068 metres), and 462 reverse circulation drill holes (43,823 metres) completed between 2004 and 2008.
Gold mineralization in most of the auriferous zones extends at depth into fresh rock below the current drilling, the company says, and is open along strike to the southwest of Zones 51W and 52.
At presstime High River Gold, which has interests in producing mines and exploration projects in Burkina Faso and Russia, was trading at 22 per share.
Over the last year it has traded in a range of 4-$1.75 per share and the company currently has 590.2 million shares outstanding.
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