White Gold announced that thanks to exploration in 2018, it has lifted the mineral resource estimate for its White Gold asset by 25 percent.
On Monday (June 10), the miner noted that the project’s indicated mineral resource has grown 8 percent to 1,039,600 gold ounces within 14,330,000 tonnes at 2.26 grams per tonne (g/t) gold. The inferred mineral resource has climbed 80 percent to 508,700 gold ounces within 10,696,000 tonnes at 1.48 g/t gold.
The increases cover the Golden Saddle (GS) and Arc deposits at the property and come after just 12,368 meters of drilling in those areas last year.
“This expansion of the mineral resource estimate further demonstrates the continued success of our systematic data driven exploration methodologies and the value we are generating across our unique portfolio of assets,” stated CEO David D’Onofrio.
“The growth in the Golden Saddle was primarily driven by the 2018 GS West Zone discovery and continued drilling of the GS Main Zone. The newly discovered GS West is part of the same mineralized system as the Golden Saddle, all of which we believe can be expanded with additional drilling.”
White Gold says that GS Main contains a consistent high-grade core of 832,000 gold ounces grading 2.96 g/t gold in the indicated category and 107,000 gold ounces grading 3.18 g/t gold inferred. Included in this high-grade core are 525,600 indicated gold ounces grading 4.68 g/t gold and 81,900 inferred gold ounces grading 4.74 g/t gold.
Looking ahead, the company will continue to grow both the GS and Arc areas via a fully funded US$13 million 2019 exploration program. The program is backed by the company’s partners Agnico Eagle Mines (TSX:AEM,NYSE:AEM) and Kinross Gold (TSX:K,NYSE:KGC).
Also on the docket for this year is a planned expansion of the 230,000 ounce inferred resource at the VG zone. Additionally, White Gold will begin diamond drilling on the high-grade Vertigo area and will look to add new discoveries across the entire White Gold district, which covers 1 million acres of land.
“The exploration season is just getting underway and we are extremely excited for what lies ahead,” D’Onofrio concluded.
As of 12:18 p.m. EDT, White Gold was trading at C$1.13.
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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: White Gold is a client of the Investing News Network. This article is not paid-for content.