1.6 Million Ounce M + I Gold Resource - Updated Mineral Resource Estimate for Calico Resources’ Grassy Mountain

Calico Resources Corp. (TSXV:CKB,OTCQX:CVXHF) announced an updated mineral resource estimate for the Grassy Mountain Deposit: Total Measured plus Indicated is 1,600,400 ounces.

The updated resource contains 1,416,700 ounces of gold averaging 1.30 g/t (0.038 opt) in the Measured category and 183,700 ounces averaging 0.56 g/t (0.016 opt) Indicated at a 0.4 g/t (0.012 opt) cutoff.  Total Measured plus Indicated is 1,600,400 ounces at a weighted average grade of 1.13 g/t (0.033 opt) at a 0.4 g/t (0.012 opt) cutoff.
Contained within this mineral resource is a higher-grade portion of the deposit, potentially extractable by underground mining methods, of 713,400 ounces gold in the Measured category averaging 9.48 g/t (0.276 opt) and 26,700 ounces of gold Indicated averaging 8.75 g/t (0.255 opt) at a 2.7 g/t (0.079 opt) cutoff. Total Measured plus Indicated in the higher-grade portion is 740,200 ounces gold at a weighted average grade of 9.45 g/t (0.276 opt) at a 2.7 g/t (0.079 opt) cutoff.

Calico CEO Buck Morrow said:

We are now able to report gold resources in the measured category. This is a major step forward toward our goal of production at Grassy Mountain.  The increase of the higher grade material offers Calico the opportunity to further enhance the economics of the project.  The new resource estimate, combined with the excellent exploration upside adjoining the proposed mine site, and within the greater property position at Grassy Mountain is consistent with Calico’s stated business plan. With the acceptance of the restated NI 43-101, Calico plans to prepare a Preliminary Economic Assessment under NI 43-101 standards.

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