Battle North Gold Upgrades Resource Estimate To 979,000 Ounces At Red Lake Property
Battle North Gold Corp (TSX: RMX), whom up until yesterday was formerly known as Rubicon Minerals, announced this morning that the company has updated its mineral resource estimate for its Bateman Gold Project, located in Red Lake, Ontario.
The updated 43-101 compliant mineral resource estimate has largely seen an improvement in indicated resources for the property. Under the revised data, with a 3.0 gram per tonne cutoff, measured resources increased from 140,000 gold ounces to 141,00 ounces, while indicated resources increased from 671,000 ounces to 838,000 ounces. The result, is that the company now has measured and indicated resources of 979,000 gold ounces, a 21% increase from the January estimate, while the grade increased slightly, from 6.45 grams per tonne to 6.63 grams per tonne.
Comparatively, inferred resources fell by 39% overall, to 283,000 ounces as a result of ounces being converted to indicated.
The upgraded resource estimate is said to be largely between the planned 854 metre and 1,098 metre levels, and a result of the infill drilling program conducted this year. Further drilling has the potential to upgrade current inferred mineral resources.
The company has currently provided a timeline as well for a feasibility study, which is said to be 75% complete as of today. The firm is stated to remain on track for the release of the feasibility study in the second half of 2020.
Battle North Gold last traded at $1.87 on the TSX.
Information for this briefing was found via Sedar and Battle North Gold. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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New ticker symbols are BNAU on the TSX and BNAUF on the OTCQX markets.