Pediment Gold (PEZ-T) has finished its first resource estimate at its La Colorada gold and silver project in Mexico.
The estimate puts 19.2 million tonnes in the measured and indicated category grading 0.978 grams gold and 8.3 grams silver for 605,000 oz. of gold and 5.1 million oz. of silver. Another 20 million tonnes are in the inferred category with a grade of 0.9 grams gold and 9.59 grams silver per tonne for 532,000 oz. of gold and 6.1 million oz. of silver.
A 0.3 grams gold per tonne cut-off grade was used for the estimate.
“These calculations firmly establish the project scale, and provide a base from which to further evaluate the combined bulk tonnage and deeper vein potential of the project,” Pediment’s vice president of exploration Mel Herdrick said in a statement.
The estimate is based on 982 historic drill holes plus 20 reverse circulation and 3 diamond drill holes dug by the company and focused exclusively on bulk tonnage resources — not the deeper vein-type resource potential of the property.
Vancouver-based Pediment says its direct finding costs at El Colorada came in at just US$5 per ounce.
The project lies in the western foothills of the Sierra Madres, roughly 40 km southeast of Hermosillo City, in Sonora, Mexico.
The district has hosted past production of between three and five million ounces of gold from 1860 to 1916 when underground mining was halted by the Mexican Revolution.
Between 1993 and 2002 the Mexican miner Exploraciones Eldorado mined 14.8 million tonnes from an open pit to produce some 350,000 oz. of gold and 1.2 million oz. of silver.
With the resource estimate now in tow, Pediment is considering a US$3 million exploration project on the property.
In conjunction with its San Antonio project in Baja Mexico, the company now has two gold projects with significant resources.
San Antonio has measured and indicated resources of 47.3 million tonnes grading 1.01 grams gold for 1.53 million oz. of gold.
In Toronto on Dec. 18 the company’s shares were up roughly 5% or 6¢ to $1.35 on 535,000 shares traded.
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