Vancouver – By doubling the number of holes in the ground at its San Antonio property in Baja California Sur, Mexico, Pediment Gold (PEZ-T) has expanded the project’s gold resource to 1.6 million ounces, most of which is now in the measured and indicated categories.
The new estimate pegs San Antonio’s measured and indicated resources at 47.3 million tonnes grading 1.01 grams gold per tonne for 1.53 million oz. gold. Inferred resources add 5.4 million tonnes averaging 0.637 grams gold for 111,000 oz. gold. Both resources are based on a cut-off grade of 0.4 grams gold.
The resource is divided into geologic categories. Oxide mineralization accounts for 7.4 million measured and indicated tonnes and carries an average grade of 0.928 grams gold. The mixed zone comprises 6.61 million tonnes averaging 1.07 grams gold. And sulphide gold mineralization contributes the rest of the measured and indicated resource – 33.5 million tonnes – and its average grade is 1.02 grams gold.
Pediment calculated an initial San Antonio resource last year that showed 1.45 million contained gold ounces, but the entire resource was in the inferred category. As such the company’s efforts over the last year have upgraded most of the resource to higher-confidence categories and have added some 13% to the gold count. The new estimate used data from 242 drill holes totalling 42,900 metres; an earlier estimate was based on only 124 holes totalling 15,800 metres.
And metallurgical studies on San Antonio rock have returned initial column leach results showing 75 to 81% gold recovery for oxide mineralization and up to 72% gold recovery for mixed mineralization. Sulphide mineralization returned only 47% gold recovery.
The company is now working to improve sulphide gold recoveries, either by improving leach recoveries or using alternative processing options such as flotation or carbon-in-pulp leaching.
And Pediment is planning a new drill program that it expects to get underway in the coming months. The program will include more infill drilling as well as exploratory holes between the project’s two main zones, known as Los Planes and Las Colinas, that are a few kilometres apart.
On news of the updated resource estimate Pediment’s share price lost 2¢ to close at 78¢. The company has a 52-week trading range of 39¢ to $1.48 and has 44 million shares outstanding.
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