Sabre Gold Mines Corp. [SGLD-TSX; SGLDF-OTCQB], formerly Arizona Gold Corp., released an updated NI 43-101 compliant mineral resource at its 100%-owned Copperstone gold project in Arizona.
Highlights include a 23% increase in gold ounces in all categories; a 53% increase in measured resources to 196,000 gold ounces at 7.6 g/t; and a 45% increase in inferred resources to 212,000 gold ounces at 5.9 g/t. The resource was estimated at a gold price of US$1,700/oz with a modest reduction of 9,700 ounces when calculated at a gold price of US$1,600/oz.
Measured and Indicated resources stand at 1,308,000 of 7.3 g/t gold with Inferred resource of 1,124,000 tonnes of 5.9 g/t gold.
Underground mapping and sampling confirm that the mineralized domains occur where previously modelled. Drilling continued to demonstrate continuity in mineralization within mineralized domains and delimited some domain edges where step-out holes were drilled. Capping of very-high-grade intercepts were distinct for each mineralized domain and based on conservative detailed statistical analysis which will provide potential further upside.
Giulio T. Bonifacio, CEO and president, stated: “We are pleased to release an updated mineral resource estimate for the Copperstone gold mine which has increased by 23% in all categories at an average grade of 6.6 g/t gold and 53% increase in the measured category at 7.6 g/t gold from the previously published resource estimate. The resource update includes 152 new drill holes for 12,900 metres of additional drilling. The primary focus of drilling was to focus on classification and confirmation of the previous resource estimate. We are pleased with the further increase in the inferred category, which will provide upside potential for future conversion. Additionally, several highly prospective expansion targets that have been recently identified remain untested.”
Star Royalties Ltd. [STRR-TSXV], a streaming and royalty company, has a gold stream of 9.9% of gold produced until a cumulative 21,000 ounces are delivered, then 3.3% of gold produced until a cumulative 27,200 ounces are delivered, then 1.2% of gold produced thereafter, all at a cash payment per ounce of gold delivered equal to 25% of the average LBMA gold spot price for the five consecutive trading days prior to deliver.