Earlier this month, O3 Mining (OIII.V) released an updated resource estimate on the Marban project in Quebec. The updated resource now contains 2.3 million ounces of gold in the indicated resource category with an additional 81,000 ounces of gold in the inferred resource category. These are the open pit resources, and the company has outlined a few additional ounces in the underground zones with 55,000 ounces of gold in the indicated resource category and 142,000 ounces in the inferred resource category.
The open pit resource uses a cut-off grade of 0.30 g/t gold and the sensitivity analysis shows the resources are quite robust. Even if you’d apply a cut-off grade of 0.50 g/t (66% higher), the indicated resources would still contain approximately 2.12 million ounces: only 200,000 ounces would be ‘lost’, but the average grade would be boosted by approximately 20% to 1.27 g/t. This updated resource estimate will now be used for a pre-feasibility study on the project.
Disclosure: The author has no position in O3 Mining. Please read our disclaimer.
