Premier Gold Mines (PG.TO) has released an updated resource estimate on its Hardrock project in Ontario, Canada. The total resource now (based on 621,000 meters of drilling) stands at over 7.5 million ounces of which almost 2/3rds is in the indicated category with the balance being booked as inferred resources. What’s more important is the 69% increase in the open pit indicated resources (at a grade of 1.47g/t which is excellent), which will be very important to support any plans to develop the open pit part of the Hardrock project.
The main contributors to this resource increase and upgrade are the addition of 86,500 meters of drilling, as well as expanding the depth of the open pit by 118 meters to 587 meters. This has resulted in more pit-constrained ounces.
A feasibility study on the Hardrock project is expected in the first half of 2015.
> Click here to read the press release
Disclosure: The author holds no position in Premier Gold. Please see our disclaimer for current positions.
