Strategic Minerals (ASX:SMC) has released an updated resource estimate on its Big Vein South zone at the 100%-owned Woolgar gold project in North Queensland, Australia. The resource estimate currently stands at 667,000 ounces of gold at an average grade of 2.03 g/t using a cutoff grade of 0.75 g/t.
On top of this, Strategic Minerals has outlined an exploration target of 10-20 million tonnes at an average grade of 1.8-2.1 g/t for a total resource of 750,000-1.25M ounces gold. The current resource estimate is a good start as the total tonnage increased by approximately 65%, resulting in 57% more ounces included in all three categories.
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