High-Tech Metals (ASX:HTM) has reported an updated mineral resource estimate (MRE) for its Wagtail gold deposit following the completion of 65 reverse circulation drill holes.
The updated JORC 2012 estimate comprises 105,000 tonnes at 3.80 grams per tonne (g/t) gold (Au) for 13,000oz.
Approximately 73% of the resource is classified in the indicated category, which totals 69,000 tonnes @ 4.20g/t Au for 9,000oz. The remaining inferred resources stand at 36,000 tonnes @ 3.00g/t Au for 3,000oz.
Compared to the October 2022 estimate, the updated resource represents a 65% increase in tonnes and a 47% decrease in grade, maintaining contained gold with a 13% decrease.
The estimate is split into an open pit portion of 69,000 tonnes @ 4.20g/t Au at a 0.50g/t cutoff; and a deeper underground portion of 36,000 tonnes @ 3.00g/t Au at a 1.60g/t cutoff.
CEO James Merrillees says the update builds confidence in progressing Wagtail towards a potential mining operation.
“The estimate incorporates all drilling completed since the previous MRE and reflects a substantially improved understanding of the geology,” Merrillees says.
“The model now provides a much stronger foundation for mine planning and economic evaluation.
“Importantly, Wagtail remains open beyond the current MRE limits, and the updated model highlights opportunities for future resource growth through further drilling.”
Development of the deposit is being advanced under a mining and profit share agreement with SSH Mining Australia, a subsidiary of SSH Group (ASX:SSH).
SSH Group’s chief executive Daniel Cowley-Cooper says the updated MRE has substantially de-risked mine development.
“We can now progress the Scoping Study for the deposit with confidence in the resource,” Cowley-Cooper says.
Near-term priorities include completing the Wagtail Scoping Study, mine optimisation, metallurgical testwork, geotechnical and hydrogeological investigations, environmental permitting, ore reserve estimation, and targeted extension drilling.
The Wagtail deposit is located within High-Tech’s 100%-owned Mt Fisher Gold Project, 500km north of Kalgoorlie, Western Australia.
High-Tech Metals is a gold explorer and developer advancing its portfolio in Western Australia.
Write to Paula Fabe at Mining.com.au
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