Vancouver — As Rolling Rock Resources(RLL-V, RLLGF-o) reworks data for a pending scoping study of its Monument Bay project, 350 km southeast of Thompson, Man., it has topped a million inferred ounces of contained gold for the first time in a new resource estimate.
The previous estimate released in January pegged the inferred resource at 4.9 million tonnes grading 6.01 grams gold per tonne for 944,000 contained ounces gold.
The revised resource estimate increases that by 28.3%. Now, the inferred category weighs in at 6.3 million grading 5.98 grams gold for 1.2 million contained ounces gold.
Market response was positive. Much like the last time Rolling Rock revised the Monument Bay resource upward by roughly the same percentage, its share price almost doubled on the news.
The share price itself, however, has changed substantially.
In January, Rolling Rock’s stock jumped to 28 from 15. This time, however, the news lifted its share price to 3.5 from 2.
If the property goes to production, Rolling Rock owes Newmont Mining (NMC-T, NEM-n) a 2% net smelter return royalty on the first million gold-equivalent oz., increasing 1% after that.
Likewise, Rolling Rock must pay Newmont up to an additional $1 million: $500,000 if it finishes a positive feasibility study and $500,000 more if it goes to commercial production.
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