Columbus Gold Corporation (TSXV:CGT) released the results of a mineral resource estimate for the company’s Montagne d’Or gold deposit  at the Paul Isnard project in French Guiana.

According to the press release:

Utilizing a cut-off grade of 0.4 g/t gold, the estimate yields 140.1 million tonnes at an average grade of 1 g/t gold for a total of 4.31 million contained Inferred ounces of gold. See the table below for 0.3 and 0.5 g/t cut-offs. Based on the current drilling density, the estimate does not fully take into account the potential of the high grade zones occurring within the low grade envelopes. Coffey strongly recommends infill drilling to define these high grade zones.

CEO Robert Guistra commented:

The new estimate by Coffey has been helpful in gaining a better understanding of the inferred nature of the deposit, but with more than 70% of Phase II drilling still to occur and with nearly all that drilling targeting the UFZ (which is the principal mineralised zone) with denser spacing, it’s reasonable to anticipate that the next resource update planned for completion by the end of this year, could better reflect the potential of the high grade zones and convert a significant portion of the Inferred resources to Indicated and Measured.

Click here to view the full press release.