Partners European Gold Resources (EGI-C)(formerly Montemor Resources) and Auspex Minerals (APJ-V) are making progress at their equally shared Montemor gold project in southwestern Portugal.
The gold resource, categorized as indicated and inferred and excluding material containing less than 1 gram per tonne, now stands at 4.45 million tonnes grading 2.81 grams per tonne. This is equivalent to 402,911 contained ounces, compared with the previous estimate of 259,191 ounces (a 55% increase).
The increase is largely the result of a computer-assisted evaluation of a large database from earlier shallow diamond drilling and surface stripping.
This earlier work has enabled the partners to calculate the gold resource to an average depth of 33 metres for 14 deposits. In addition, three deposits were estimated previously by external consultants.
All the deposits remain open at depth and, together with geochemical anomalies yet to be investigated, lie within a 12-km-long, steeply dipping shear structure which cuts metamorphosed Precambrian volcanic and sedimentary rocks.
The six richest deposits, calculated to an average depth of 27 metres, contain 781,117 tonnes of material grading 4.48 grams gold.
Drilling and trenching are under way in an attempt to upgrade the classification of the inferred resources and sample the richer deposits at greater depth.
The Montemor project is about 90 km southeast of Lisbon.
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