Vancouver A newly prepared report by an independent consulting firm has provided Petaquilla Minerals (PTQ-T, PTQMF-Q) with a 35% increase in gold resources at the Molejon deposit in Panama.
The deposit now hosts 11.2 million tonnes grading 2.48 grams gold per tonne, or about 893,000 contained oz., using a cutoff grade of 0.5 gram per tonne. This compares with an estimate of 7.8 million tonnes grading 2.63 grams released ten years earlier. While the old estimate is not compliant with National Instrument 43-101 reporting standards, the latest calculation is compliant and can be relied upon as accurate.
If the cutoff grade is raised to 3 grams, the resource is reduced to 3.3 million tonnes at a higher grade of 5.3 grams gold, representing about 560,000 contained oz. The company says this implies that more than 60% of the deposit grades higher than 3 grams.
Along with the updated resource estimate, Petaquilla Minerals retained Steffan, Robertson and Kirsten (SRK) to complete a database audit and technical report to be used in support a mine development plan approved by the government of Panama in September of this year.
The company sees good potential to increase resources at Molejon along strike, and within surrounding target areas that are yet to be fully tested. The company plans to carry out additional drilling this fall to explore new zones, tighten the existing drill spacing, and upgrade resources.
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