Excelsior Gold updates Zoroastrian Resources

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THE DRILL SERGEANT: Excelsior Gold (ASX: EXG) has released an updated resource estimation on the Zoroastrian gold deposit within the company’s Kalgoorlie North gold project.

The new estimate has increased contained resource ounces at Zoroastrian by 11 per cent and improved average grade by nine per cent.

The new Indicated and Inferred gold resources at Zoroastrian total:

6,690,000 tonnes at 2.7 grams per tonne gold for 581,200 ounces of gold.

“The delineation of the extra ounces and higher grade gold mineralisation will potentially improve the open pit and underground economics, as well as facilitating the delivery of a more favourable Pre-Feasibility Study,” Excelsior Gold said in its ASX announcement.

This latest resource upgrade has resulted in an increase to Total Measured, Indicated and Inferred gold resources for the Kalgoorlie North Gold Project to:

21.47 million tonnes at 1.81 g/t gold for 1,249,700 ounces – at 0.6 and 3.0g/t gold lower cut-offs

Zoroastrian Resource summary. Source: Company announcement

 

The resource update includes 23 new Reverse Circulation (RC) and diamond drill (DD) holes comprising of 14 infill RC and DD holes and nine extensional RC and DD holes.

Drill holes KNC130061 to KNC130063 were drilled within a high-grade conceptual underground mining area of the Zoroastrian deposit to allow the company to convert the Inferred resources within the resource block model to JORC-standard Indicated resources.

Intercepts from this drilling included:

–    11 metres at 6.46g/t gold from 233 metres, including 4 metres at 13.2g/t gold from 240 metres (KNC130062);

–    11m at 3.24g/t gold from 242m, including 4m at 7.91g/t gold from 242m and 14m at 5.88g/t gold from 282m, including 4m at 17.0g/t gold from 291m (KNC130063); and

–    2m at 7.32g/t gold from 212m and 2m at 4.48g/t gold from 237m (KNC130061).

Excelsior Gold conducted further deeper diamond drilling (KNCD130064 to KNCD130066) to test up to 180m down from the interpreted plunge of a previous high-grade intersection of 19m at 5.44g/t gold in (KNCD120257).

Results included:

–    5m at 3.27g/t gold from 464m (KNC130064);

–    3m at 4.62g/t gold from 369m (KNC130065); and

–    0.2m at 10.7g/t gold (with visible gold) from 421.8m (KNC130065).

“These results lie outside of the current resource and further demonstrate part of the excellent exploration potential that remains at Zoroastrian,’ Excelsior Gold said.

“The company is currently reviewing the resource model on several of its satellite deposits and anticipates the delivery of another resource update in the near future.”

Email:
admin@excelsiorgold.com.au

Website
www.excelsiorgold.com.au