Exore Resources Releases Maiden Resource for Bagoe Gold Project

THE DRILL SERGEANT: Exore Resources (ASX: ERX) has announced a maiden independent JORC 2012-compliant Mineral Resource Estimate for the company’s Bagoe gold project in northern Cote d’Ivoire (Ivory Coast).

Excore Resources explained the Mineral Resource Estimate includes drilling the company has completed at the Antoinette and Veronique deposits during the past 14 months of project ownership up to February 2020.

The Antoinette Mineral Resource Estimate has come in at:
5.55 million tonnes at 2.3 grams per tonne gold for 415,000 ounces (at lower cut-off of 1.0g/t); or
8.4 million tonnes at 1.8g/t gold for 485,000 ounces (at lower cut-off of 0.5g/t).

The numbers for the Veronique Mineral Resource Estimate stand at:
1.05 million tonnes at 3.2g/t gold for 110,000 ounces (at lower cut-off of 1.0g/t); or
1.35Mt at 2.8g/t gold for 120,000 ounces (at lower cut-off of 0.5g/t).

The Mineral Resource Estimate extends from surface with approximately 85 per cent of Antoinette Mineral Resource ounces within top 150 metres and around 90 per cent of Veronique Mineral Resource ounces within top 100m.

Mineralisation at all areas remains open, along strike and at depth, which when combined with recent step-out drilling results outside of the Mineral Resource provides plenty of potential for follow up drilling.

Recent drilling results include:

9 metres at 5.66 grams per tonne gold from 106m in a new footwall zone at Antoinette;

10m at 1.71g/t gold from 33m, 12m at 1.16g/t gold from 35m and 12m at 4.48g/t gold from 83m fin shallow step-out extensions at Antoinette;

12m at 3.88g/t gold from 8m at the new Juliette discovery situated approximately 2.5 kilometres along strike from Antoinette; and

3m at 6.45g/t gold from 3m from a new 80m step-out result at Veronique.

The release of Exore’s maiden Mineral Resource Estimate is based on the company’s exploration efforts over a little more than a year since acquiring the project and at a time of near record high gold prices,” Exore Resources managing director Justin Tremain said in the company’s announcement to the Australian Securities Exchange.

“We view the maiden Mineral Resource Estimate of well in excess of half a million ounces of gold at 2.5 grams per tonne as an interim resource with scope for growth with additional drilling.

“The Antoinette deposit remains open in all directions, along strike and down dip, with the Mineral Resource Estimate covering just 1,000 metres of several kilometres of strike potential.

“The Veronique deposit also remains open in all directions with the Mineral Resource Estimate considering just the one zone of mineralisation which has been subject to less than 3,000 metres of RC drilling, with several additional zones remaining undrilled.

“Notwithstanding the challenges posed by restrictions imposed by the COVID-19, Exore continues to undertake field exploration programs, including drilling.

“The company is in an excellent financial position with just under $13 million of cash.”


Email: info@exoreresources.com.au

Web: www.exoreresources.com.au