Native Mineral Resources (ASX:NMR) has unveiled a resource update for the Granite Castle Project in Queensland, totalling 620,000 tonnes @ 3.22 grams per tonne gold for 64,500 ounces and 62g/t silver for 1.24 million ounces.
Historical estimates of the project showed in 2008, the resource totalled 84,000 tonnes @ 2.92g/t gold using a cut-off grade of 0.5g/t gold.
Managing Director Blake Cannavo says the company is now aiming towards fast-tracking Granite Castle to a mine-ready status.
“With this mineral resource estimate (MRE) in place, we will look to identify additional resources at Granite Castle,” Cannavo says.
“The updated MRE provides Native Mineral Resources with a basis for future resource definition and sets Granite Castle up as a compelling and strategically significant emerging gold development project.
“With Granite Castle located within trucking distance of our operations at Blackjack, adding to its MRE has the potential to provide us with a larger scale and longer life gold production profile.”
Cannavo adds future work will include further drilling to expand the resource, as well as metallurgical testwork that will lead to a Scoping Study for the project’s development.
The company intends to conduct fieldwork to assess the historical mapping, sampling and drilling in the coming months, as well as resample zones of the historical diamond core. This work will provide further confidence in the historical drilling for future estimation work.
Pending results from this work, drilling will begin later in the year.
Native Mineral Resources is an Australian gold and base metals explorer focused on its portfolio of projects across Queensland.
Write to Aaliyah Rogan at Mining.com.au
Images: Native Mineral Resources
