P2 Gold Increases Inferred Resources at Gabbs by 69%
"As part of the 2024 Preliminary Economic Assessment underway for the
The 2024 MRE was prepared by P&E based on four diamond drill holes and 27 reverse circulation drill holes completed by the Company in 2021 and 2022 and 494 drill holes completed by prior
The main difference between the 2024 MRE and the
Table 1: 2024 Gabbs Project Pit Constrained Mineral Resource Estimate(1)(2)(3)(4)
Mineral |
|
Gold Grade |
|
Copper |
|
|
|
Gold Eq. Grade |
|
Indicated |
49.8 |
0.45 |
1.36 |
0.27 |
0.72 |
2.17 |
297.0 |
0.73 |
1.16 |
Inferred |
112.2 |
0.35 |
0.84 |
0.23 |
1.28 |
3.04 |
567.1 |
0.63 |
2.29 |
(1) |
Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. |
(2) |
The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. |
(3) |
|
(4) |
The Mineral Resource Estimate was prepared for a potential open pit scenario using a constraining pit shell (with 50 degree slopes) at respective 0.27 g/t and 0.36 g/t oxide and sulphide gold equivalent cut-off grades. The gold equivalent cut-off grades were derived from |
(5) |
Silver not included in gold equivalent calculation. |
Oxide Mineral Resources at Gabbs consist of Indicated Mineral Resources of 760,000 ounces of gold equivalent (33.7 million tonnes grading 0.46 g/t gold, 1.43 g/t silver and 0.26% copper) and Inferred Mineral Resources of 1,040,000 ounces of gold equivalent (52.0 million tonnes grading 0.39 g/t gold, 0.81 g/t silver and 0.21% copper). See Table 2 below for a breakdown of the oxide and sulphide Mineral Resources.
Table 2: 2024 Gabbs Project Pit Constrained Mineral Resource Estimate by
|
|
Gold Grade |
|
Copper Grade |
|
|
|
Gold Eq. Grade |
Gold Eq. |
Oxide |
33.7 |
0.46 |
1.43 |
0.26 |
0.50 |
1.55 |
196.6 |
0.70 |
0.76 |
Oxide |
52.0 |
0.39 |
0.81 |
0.21 |
0.66 |
1.36 |
243.8 |
0.62 |
1.04 |
Sulphide |
16.1 |
0.43 |
1.21 |
0.28 |
0.22 |
0.62 |
100.4 |
0.77 |
0.40 |
Sulphide |
60.2 |
0.32 |
0.87 |
0.24 |
0.62 |
1.68 |
323.3 |
0.65 |
1.25 |
(1) |
See Notes 1 to 4 to Table 1 above. |
(2) |
Tables may differ and not sum due to rounding. |
Qualified persons
The 2024 MRE was prepared under the supervision of
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