MAS Gold Corp. [MAS-TSXV] released an updated Mineral Resource estimate for the 100%-owned Greywacke North gold deposit located 85 km north of the town of La Ronge in the La Ronge Gold Belt of northeastern Saskatchewan.
The estimate updates the Mineral Resource estimate detailed in a June 2016 Technical Report that is available on the company’s website. The estimate follows MAS Gold’s 2021, 11-hole (2,207.8 m) diamond drilling program on the Greywacke North deposit.
At marginal grade cut-offs of 0.65 g/t gold and 1.75 g/t gold for open pit and underground Mineral Resources, respectively, the Greywacke North gold deposit is estimated to contain an Indicated Mineral Resource of 645,0onnes grading 4.12 g/t gold (55,000 oz).
A higher grade cut-off was employed for purposes of the 2016 Mineral Resource estimate (5 g/t gold over a minimum horizontal width of 2.0 metres) for which underground mining only was considered. Compared with the 2016 estimate, the 2021 update resulted in decreases in the average grades of 49.4% and 55.5% for the estimated Inferred and Indicated Mineral Resources, respectively.
However, the 2021 update resulted in increases of 186.0% and 593.4% in the estimated tonnages of the Inferred and Indicated Mineral Resources, respectively as well as increases of 23.9% and 290.1% in the estimated in situ gold ounces of the Inferred and Indicated Mineral Resources, respectively.
Jim Engdahl, CEO, stated: “The 2021 update is an important step forward toward accomplishing our goal of developing one million gold ounces at our La Ronge assets. The updated Greywacke North Mineral Resources add to our North Lake gold deposit Inferred Mineral Resource, that for a marginal cut-off grade of 0.40 g/t gold, includes 14,110,000 tonnes grading 0.92 g/t gold, hence 417,000 oz gold in-situ, as announced on March 25, 2020.
“A 2021 update of the 2020 North Lake Mineral Resource estimate is currently being compiled; the results will be reported in due course. The North Lake update includes the results of MAS Gold’s winter and summer, 2021 drilling programs totalling 22 holes for 5,902.5 metres. Additional infill and exploration drilling is planned to further expand our Mineral Resources in the La Ronge Gold Belt.”
Engdahl further state: “The high-grade mineralization at Greywacke North, when combined with the low-grade North Lake deposit, supports our strategic mine development plan, which envisions a centralized plant processing material from North Lake, co-mingled with high-grade material from MAS Gold’s other La Ronge Gold Belt deposits.”