In a drilling program intended to increase confidence in previously known resources, Miramar Resources (MAE-T, MNG-X) has had its plans derailed by the discovery of significant new resources on the Hope Bay gold project in Nunavut.
Miramar’s new resource estimate on Hope Bay includes about half a million new ounces at the Madrid deposits, where the company is assessing the possibility of a second phase of mining beyond that already under study. Based on a cutoff grade of 1.5 grams gold per tonne, the Madrid zones now has an indicated resource of 32.5 million tonnes at an average 3.5 grams gold per tonne, plus 42.3 million tonnes in the inferred category, with a grade of 2.8 grams per tonne.
Two of the Madrid zones were expanded significantly by drilling to the south of the Suluk zone and to the north of the Naartok East zone. As well, gaps between Suluk, Naartok East and West, and the Rand zone were shown to have mineralization continuous enough to be added to the resource.
Two other gold deposits are known on the Hope Bay project. Boston has 2.3 million tonens grading 10.7 grams per tonne in indicated resources, plus 2.4 million tonnes grading 9.5 grams in inferred; Doris has 1.2 million tonnes grading 19.3 grams indicated and 1.6 million tonnes grading 14.5 grams inferred.
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