Kit Resources (KIT-T) has received a new resource estimate for its George Lake gold project near Bathurst Inlet, N.W.T.
California-based engineering group Mineral Resources Development (MRDI) has pegged total resources at the property at 4.75 million tonnes grading 9.88 grams gold per tonne, equivalent to 1.51 million contained ounces of gold. Approximately 90% of those resources are classified as indicated.
MRDI used a cutoff grade of 5 grams gold and cut all higher-grade material to 34.29 grams for the resource calculation.
Mineralization at George Lake is contained in six deposits that have been drill-tested by a total of 850 holes. Each of the deposits is within 300 metres of surface and is open at depth.
Metallurgical results on composite samples have revealed that between 93% and 95% of the gold at George Lake can be recovered using conventional carbon-in-pulp milling techniques.
A prefeasibility study had estimated a recovery rate of 92%; Kit plans to update that prefeasibility study with the new results. The company states that it is looking to begin a deep drilling program and advance George Lake to the feasibility stage once market conditions improve.
Kit currently has $1 million in working capital.
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