Misty Mountain Gold (MGL-T) has announced a new minable resource estimate for the Specogna deposit in the Queen Charlotte Islands of British Columbia.
The deposit, which forms part of the Harmony project, is now estimated to contain 52.7 million tonnes grading 1.7 grams gold per tonne, equivalent to 2.9 million oz.
The estimate was calculated by Independent Mining Consultants of Tucson, Ariz., following 80,000 metres of drilling in 538 holes.
The consulting firm has compiled an open-pit mine plan which calls for conventional processing of 33.5 million tonnes grading 2.11 grams gold per tonne. This would be followed by conventional processing of 19.2 million tonnes of stockpiled material grading between 1.2 and 0.8 gram gold. The waste-To-ore stripping ratio is projected at 1.2-To-1.
Based on daily throughput of 7,500 tonnes and a projected gold recovery of 76%, the mine is expected to produce 174,170 oz. gold per year for the first five years of a projected 20-year life.
The Harmony project is on Graham Island, the northernmost of the two main islands in the Queen Charlotte chain.
Gold at the Specogna deposit is distributed throughout a hydrothermal breccia unit which parallels the northwest-striking Specogna fault for at least 700 metres, and also throughout stockwork quartz veining and pervasively silicified sediments extending laterally from the hydrothermal breccia for up to 210 metres.
As the project is advanced to the prefeasibility stage, two exploration targets are being prepared for drill-Testing.
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