1911 Gold (TSXV: AUMB) has released an updated mineral resource estimate for its True North Gold Project, which is found in southeastern Manitoba.
The mineral resource estimate is based on an underground mining model, and uses a 2.25 g/t cut-off. The estimate is based on 3,157 drill holes across an aggregate 15,838 metres at the past producing mine. Highlights from the estimate include:
- 499,000 indicated gold ounces at 4.41 g/t gold
- 644,000 inferred gold ounces at 3.65 g/t gold
A phase one drill program is currently occurring at surface, targeting areas outside the current resource area in near surface and near infrastructure areas. The program is targeting regions where historical drill intercepts have hit significant mineralized areas, and the model has identified new resource potential.
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Work has also begun on a preliminary development and mine plan that is focused on suitable mining methods, expected costing, and the economics of the restart strategy.
“We are pleased to have our updated Mineral Resource Estimate at the True North Gold project to produce a robust and solid high grade underground gold resource which will form the basis of our plans to generate a redevelopment plan with significant valuation for the past producing fully constructed and permitted gold mine. Significant potential to grow the new resource, as well as to discover and define new resource targets outside of the mineral resource areas, has been a major bonus from the reinterpretation and new resource modelling,” commented Gary O’Connor, chairman of 1911 Gold.
1911 Gold last traded at $0.185 on the TSX Venture.
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