Caldas Gold adds to Juby resource in Ontario

An outcrop at Temex Resources' Juby gold project in northern Ontario. Sources: Temex ResourcesAn outcrop at the Juby gold project in northern Ontario. Credit: Temex Resources.

An updated resource estimate for Caldas Gold’s (TSXV: CGC) Juby gold project in Ontario, 15 km from Gowganda, features two open-pit deposits, with a total of 21.3 million indicated tonnes grading 1.13 grams gold per tonne, and 47.1 million inferred tonnes at 0.98 gram gold per tonne.

According to Caldas, the latest estimate has been updated to account for regulatory requirements, such as including only in-pit resources, and previous drilling completed in 2018. The figures above, which include a total of 773,000 gold oz. in the indicated category and 1.5 million inferred oz., compare with the 2014 resource, which defined 1.1 million measured and indicated oz. at 1.28 grams gold, and 2.9 million inferred oz., at 0.94 gram gold.

The updated resources are based on a 0.4 gram per tonne gold cutoff grade and a gold price of US$1,450 per ounce.

“The Juby gold project is an advanced-exploration stage property situated on a major highway with access to infrastructure in a historic mining district in northern Ontario,” Serafino Iacono, Caldas Gold’s chairman, said in a statement. “The Shining Tree gold district is an underexplored area in the southern part of the Abitibi Greenstone belt, and we are encouraged by the increase in the level of interest and investment in this area …”

The 56.7-sq.-km project covers 10 km of the Tyrrell structural zone and lies within 70 km of the Cote gold project (held by Iamgold [TSX: IMG; NYSE: IAG] and Sumitomo) and Alamos Gold’s (TSX: AGI; NYSE: AGI) Young-Davidson mine.

The four existing mineralized zones at Juby cover between 1,750 metres and 3,000 metres of strike and extend to depths of 750 metres. The deposits remain open along strike and at depth.

Caldas plans to continue drilling the deposits next year, focusing on extending known mineralization on strike and at shallow depths, with a 10,000-metre program proposed for 2021.

Caldas Gold closed the Juby project acquisition in July from privately held South American Resources in exchange for the issue of 20 million shares and a $9.5-million payment to a subsidiary of Pan American Silver.

In addition to a 100% interest in Juby, Caldas also holds the Marmato gold-silver mine in Colombia. Gran Colombia Gold (TSX: GCM) has a 57.5% stake in Caldas.

— This article first appeared in the Canadian Mining Journal, part of Glacier Resource Innovation Group.

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