New Carolin Gold, an exploration and development company, has declared the conclusion of resource estimate, which is NI 43-101 compliant, for gold resource determination at the McMaster Zone in the Ladner Gold Property. The zone is situated around 1.3 km away from Carolin Mine.
The resource estimate confirms earlier internal McMaster Zone reports of the company.
The company has started the resource estimate for Carolin Mine as well. After obtaining the results from Carolin Mine, the company will plan future gold mining activities at the Ladner Gold property.
The results of the estimate showed 79,540 oz gold in 3,575,080 t with a cutoff grade of 0.5 g/t gold.
The McMaster Zone lies within the permit area and is open. Historical database of the property did not show the presence of silver, however, silver has been identified in the property through latest drilling. Gold mineralization occurs in the sub-parallel zones, which dips towards the northeast. Gold oxide zones, which were observed in many holes, were not accounted for the estimate. Further drill core testing will be required to know about the entire open pit gold resource.
In future, the company will define and increase gold resources in McMaster Zone and will perform diamond drilling. This additional drilling is done to validate the gold grade and gold mineralization continuity alongside 400 m of strike length analyzed till date, to improve gold mineralization from the Inferred category to the Indicated and Measured categories and to detect and define more gold mineralization regions present close to McMaster Zone resource envelope.