Vancouver – An independent resource estimate for Merit Mining’s (MEM-V) Grenoble deposit on its Lexington property near Greenwood, B.C., has boosted the contained gold-equivalent by 52,400 oz.
Snowden’s resource calculation for Grenoble includes the last year’s diamond drilling results.The indicated resource increased from 152,600 tonnes grading 10.3 grams gold and 1.6% copper to 329,400 tonnes grading 8.3 grams gold and 1.3% copper. This represents an increase from 67,700 to 120,100 oz. gold equivalent in the indicated category.
The new resource estimate contains 77% more gold equivalent oz. in the indicated category, along with a 116% gain in tonnage, based on the same 6 grams gold-equivalent per tonne cutoff. The gold equivalent grade was calculated using a gold price of US$400 per oz. and copper price of US$1.20 per pound.
The inferred resource increased from 58,300 tonnes grading 10.2 grams gold and 1.7% copper to 106,100 tonnes grading 6.6 grams gold and 1% copper or 8.9 grams gold-equivalent, at the same cutoff. This is an increase from 25,900 to 30,500 ounces of gold-equivalent in the inferred category.
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