Great Basin expands Burnstone gold resource near Johannesburg

Great Basin Gold (GBG-T) has boosted the resource at its Burnstone project, 80 km southeast of Johannesburg, South Africa.

The measured and indicated resource now totals 45.7 million tonnes grading 4.93 grams gold per tonne, or 7.2 million oz. The estimate was calculated using a cutoff of 350 cm-gram gold per tonne (thickness multiplied by grade).

Using the same cutoff, the inferred resource is estimated at 13.9 million tonnes grading 10.37 grams gold. The mineralization is 30-65 cm thick, and the resource calculation was made using grades diluted to a width of 1 metre.

The latest calculation entailed combining several gold-bearing areas into a single resource. Drilling indicates that areas 1 and 4, to the southwest, are continuous, and areas 2 and 3, along the same northwesterly trending corridor as area 1, constitute the same deposit.

Area 1, which has seen the most drilling, comprises 64% of the measured and indicated resource. A prefeasibility study of area 1 suggests a 24% internal rate of return could be garnered from a mine that produces 236,000 gold annually from 1.5 million tonnes.

Mineralization is in an ancient series of gold-bearing braided river channels, which cut the Kimberley reef. The deposit is found between two northwest-trending faults in an area of uplift. Mineralization is found at depths of 250-1,000 metres.

The company has drilled 120,000 metres of core (187 holes) in the past two years.

Southgold Exploration, a unit of Great Basin, holds options to 100% of the Burnstone project.

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