Kinross Gold Reveals 5.0 Million Ounce Resource Estimate At Great Bear Project
It may have been years in the making, but junior resource investors finally have an answer on the size of the initial resource for the Dixie Project, formerly owned by Great Bear Resources. Renamed to the Great Bear project by new owners Kinross Gold (TSX: K) following an acquisition last year, the project is said to be comprised of several million ounces of gold.
The initial mineral resource estimate produced for the project is said to consist of 2.737 million ounces of indicated resources of gold at 2.57 g/t gold via an open pit model.
Inferred resources meanwhile consist of 606,000 ounces at 2.24 g/t gold in an open pit model, and 1.684 million ounces at 4.50 g/t gold in an underground model, for total inferred resources of 2.290 million ounces of gold at an average grade of 3.56 g/t.
The open pit model is based on a cut-off of 0.5 g/t gold, while the underground model is based on a cut-off grade of 2.3 g/t gold at the LP and Hinge zones, and 2.5 g/t gold for the Limb zone. The majority of the resource however is said to be included within a high-grade core, where 2.491 million indicated ounces at 3.57 g/t gold are said to sit in the open pit model based on a 0.9 g/t cut-off.
In terms of exploration, Kinross indicated that it drill 250,000 metres in 2022 at the project, bringing total exploration on the property since 2018 to a total of 550,000 metres. The company is currently operating under a model that would see the LP Fault zone host a long-life, high grade open pit and underground mine.
READ: Great Bear To Be Acquired For $29 Per Share In Initial Consideration By Kinross Gold
“We believe the resource we have defined today is just the beginning. The drill results below our resource support our hypothesis that the deposit remains open at depth with high grade and visible gold intercepted down to depths of one kilometre, as illustrated in the long section below,” commented CEO J. Paul Rollinson on the results.
Looking forward, the firm intends to obtain permits for an exploration program that would see an underground decline constructed for the purpose of taking a bulk sample, with that sample expected to occur in 2024. Further drilling this year is expected to add inferred resource ounces and identify further targets on the property.
Kinross Gold last traded at $5.59 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. 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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