Kalgoorlie Mining Company (ASX: KMC) has delivered a significant increase to the resource at the East Lode, which is hosted within the company's Bullant Gold Mine - 70 kilometres from Kalgoorlie.
The lode now has a resource of 446,900 tonnes at 4.68 grams per tonne (g/t) gold for 67,300 ounces, which importantly pushes the total resource at the project past 300,000 ounces.
The resource estimate stems from exploration holes which the company has drilled into the East Lode since it restarted the operations earlier this year after Barrick closed down the mine in December 2009.
Chris Daws, managing director of Kalgoorlie Mining, told Proactive Investors today that stage three diamond drilling on the next panel below the lode is ongoing.
This will provide a news flow of results for investors in the short term, plus the potential for additional resource updates. The latest update also provides an active grade control model in preparation for stoping.
Kalgoorlie Mining - a self funded gold explorer
Providing some background on Kalgoorlie Mining, the company has a revenue generating ore agreement with Barrick Mines' (NYSE: ABX) Australian subsidiary in place - which provides cash flow until the company can pour its own gold next year.
Earlier in the month Kalgoorlie Mining announced that gross proceeds of $5.7 million had been received to date.
The company is targeting gold production to commence in the June quarter of 2012, at an annualised rate of 40,000 ounces.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21222/kalgoorlie-mining-company-boosts-bullant-resource-past-300000-gold-ounces-21222.html
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
No comments:
Post a Comment