Vancouver – Mundoro Mining (MUN-T) has seen a significant resource increase at its 79%-controlled Maoling gold project, in Liaoning province of northeastern China.
A NI43-101 compliant estimate by AMEC Americas incorporated 2004 drill results from Zone 1, including the Southeast zone, with previous drilling, delivering an indicated resource of 81.6 million tonnes grading 1.2 grams gold per tonne (3.02 million ozs. contained gold) at a 0.75 gram gold cut-off grade. This is an increase of 173% from the 2003 estimate of 25.9 million tonnes at 1.3 grams gold (1.1 million ozs. contained gold).
A drop in Zone 1 inferred resources, to 45.4 million tonnes at 1 gram gold, from the previous 62 million tonnes of 1.1 gram gold, was primarily due to upgrading of resource block sections to the indicated field.
Zone 1 is a westerly dipping mineralized body with a true thickness varying from 90 to 200 metres. It has several hundred metres of strike and 500 metres of down dip extension both of which remain open.
The latest estimate incorporates results from almost 21,000 metres of drilling, in 77 holes, conducted during 2004. Results from a further 22 holes drilled late last year, after the cut-off date for the resource estimate, were not incorporated into the study.
Gold at Maoling occurs as disseminated mineralization in wide areas of sheeted quartz vein sets along with associated sulphides in meta-sedimentary host rocks.
Mundoro has further engaged AMEC on the Zone 1 pre-feasibility study, which has commenced and is anticipated to be completed by mid-2005. The company envisions the project as a potential open pit-heap leach gold operation.
As of the latest figures, the company has 25.9 million shares outstanding giving the issue a $64 million market capitalization. Shares saw a 10% rally to $2.46 apiece following the resource increase announcement.
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