Excelsior Gold increases Zoroastrian Resource at Kalgoorlie North gold project

THE DRILL SERGEANT: Excelsior Gold (ASX: EXG) has received results of interim resource calculations based on drilling results received to date from the Zoroastrian gold deposit within the company’s 100 per cent-owned Kalgoorlie North gold project.

The company has announced an increase in contained gold ounces at Zoroastrian by 50 per cent.

The Zoroastrian gold resource has increased by 142,400 ounces of gold to 4.62 million tonnes at 2.89 grams per tonne gold for 428,700 ounces.

The increase has increased the total Kalgoorlie North gold project resources to 19.31 million tonnes at 1.76g/t gold for approx. 1.2 million ounces.

 

Kalgoorlie North Project – Central Resource area. Source: Company announcement

 

The resource upgrade has been based on assay results the company received from its ongoing reverse circulation and diamond drilling campaign.

The campaign is designed to expand the Zoroastrian gold resource along strike and at depth.

“The expansion of the Zoroastrian deposit continues to demonstrate the potential for the extensive mineralised zone to host a substantial high grade gold deposit in the central part of the Kalgoorlie North tenements and immediately adjacent to the 456,100 ounce Excelsior gold deposit,”  Excelsior Gold said in its ASX announcement.

“The company believes there remains excellent potential to increase the gold resources at Zoroastrian and is currently evaluating large open pit and underground mining options as part of the Pre-Feasibility Study into the development of the project.

“The Pre-Feasibility Study is scheduled for completion in mid-2013.”