Silver Bull tables 2.33 M oz gold at Beskauga, Kazakhstan, shares rise
Silver Bull Resources Inc. [SVB-TSX; SVBL-OTCQB] reported its maiden mineral resource estimate on the Beskauga copper-gold project in Kazakhstan completed by CSA Global Consultants Canada Ltd.
Highlights of the mineral resource report include an open-pit-constrained indicated mineral resource of 207 million tonnes grading 0.35 g/t gold, 0.23% copper and 1.09 g/t silver for 2.33 million ounces of gold, 476,100 tonnes of copper and 7.25 million ounces of silver.
The open-pit-constrained inferred mineral resource is 147 million tonnes grading 0.33 g/t gold, 0.15% copper and 1.02 g/t silver for 1.56 million ounces of gold, 220,500 tonnes of copper and 4.82 million ounces of silver.
The constraining pit was optimized and calculated using a net smelter returns royalty cut-off based on a price of: $1,500/oz for gold, $2.8/lb for copper, $17.2/oz for silver, and with an average recovery of 81.7% for copper and 51.8% for both gold and silver.
The Beskauga resource was estimated from 118 diamond drill holes, totalling 45,605.8 metres, drilled between 2007 and 2017 by private Swiss company, Copperbelt AG.
The mineral resource was estimated by Serik Urbisinov, a principal resource geologist for CSA Global, an independent qualified person as defined by NI 43-101.
The Beskauga deposit is interpreted to be a copper-gold porphyry. The Beskauga deposit has excellent infrastructure. All operations are based out of the nearby mining town of Ekibastuz. Paved road access, 1,100-kilovolt-ampere power lines and heavy rail are within a 25 km radius of the project.
Tim Barry, President and CEO, stated: “We are extremely pleased with this first NI 43-101 resource estimate at Beskauga. We believe the Beskauga Project represents one of the best exploration opportunities in the world and we see significant opportunity to expand the current resource. We also believe there is considerable exploration potential in the wider region for both copper and gold, and expect to have a pipeline of projects and associated news coming in from both the Beskauga project and the wider area during 2021. Presently, we are compiling the significant Soviet-era historical information in the region as well as building a team in country. We expect to commence our on the ground exploration program at the beginning of the second quarter of this year.”
In January 29 trading, shares gained $0.13 to $0.97, up 15.5%, on a volume of 107,400.