Caldas Gold releases Juby resource estimate; shares up

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Caldas Gold Corp. [CGC-TSXV; ALLXF-OTCQX] has completed an updated mineral resource estimate (MRE) for its 100%-owned Juby gold project prepared in accordance with NI 43-101 standards with an effective date of July 14, 2020.

The project is located in Northeastern Ontario approximately 15 km west-southwest of Gowganda and 100 km south-southeast of Timmins in Tyrrell, Leonard and McMurchy townships. The property extends for 11 km east-west and 9.5 km north-south covering 5,288 hectares, or 13,066 acres, within the Shining Tree gold district.

Caldas Gold has filed a technical report on SEDAR and the company’s website entitled “Updated Mineral Resource Estimate for the Juby Gold Project.” The technical report was prepared by SGS Geological Services and GeoVector Management Inc. in accordance with NI 43-101 in support of the MRE.

Serafino Iacono, Chairman and CEO of Caldas Gold, commented: “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. 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 including recent news related to the development of a new mine at Iamgold’s Cote gold deposit and exploration programs commencing on neighbouring properties owned by Orefinders and Platinex. The completion of this mineral resource estimate, updated to reflect current NI 43-101 requirements to include only within-pit mineral resources and the results of additional drilling completed by Tahoe Resources in 2018, provides us with a solid foundation on which we can build our exploration program for resource expansion beginning with a drilling campaign in 2021.”

The JMZ-GLZ open pit has Indicated Resources of 20.2 Mt grading 1.12 g/t gold, for 728,000 ounces, and Inferred Resources of 41.5 Mt of 0.99 g/t gold, for 1,319,000 ounces.

The HCLZ and BDZ open pit has Indicated Resources of 1.1 Mt grading 1.31 g/t gold, for 45,000 ounces, and Inferred Resources of 5.6 Mt of 0.93 g/t, for 169,000 ounces.

Total Indicated Resources are 21.3 Mt grading 1.13 g/t gold, for 773,000 ounces, and Inferred Resources of 47.1 Mt of 0.98 g/t gold, for 1,488,000 ounces.

In October 5 trading, shares of Caldas Gold gained $0.09 to $2.51 on a volume of 55,100 shares traded.


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