Gateway Mining Increases Montague Resources to over 526,000 ounces
THE DRILL SERGEANT: Gateway Mining (ASX: GML) reported an initial Mineral Resource Estimate (MRE) for the Julias deposit, a recent discovery made within the company’s recently renamed Montague gold project, located in the Northern Murchison Goldfields of Western Australia.
Gateway Mining explained the change of project name from Gidgee gold project to Montague gold project to better reflect the key geological features in the area and the previous mining operations undertaken in the late 1980’s – early 1990’s.
According to the company, the name change will also remove potential confusion with other projects in the region, namely the former Gidgee gold mine which is located on the adjacent tenement package owned by Horizon Gold (ASX: HRN).
Gateway has added the Julias deposit Mineral Resource, bringing the Global Mineral Resources for the Montague project over the key milestone of half a million ounces to 526,000 ounces of gold.
The Julias MRE comprises a total of approx. 1.9 million tonnes at 1.3 grams per tonne gold for 77,000 ounces (Indicated and Inferred).
This MRE is the culmination of the past 12 months of drilling at Julias by Gateway, which deliberately targeted the mineralisation contained within the oxide zone.
“Our multi-pronged exploration strategy continues to pay dividends at Montague, with the discovery and rapid delineation of the Julias oxide discovery adding high-quality low-cost ounces just two kilometres from the cornerstone Montague-Boulder and Whistler deposits,” Gateway Mining managing director Mark Cossom said in the company’s ASX announcement.
“Importantly, we have added these ounces at a discovery cost of just $9 per ounce – an impressive result!
“Additionally, we have a clear pathway to grow the deposit with recent air-core drilling highlighting extensions to the mineralised trend to the south-west over a strike length of at least 700 metres.
“We are planning further RC drilling later this financial year to target additions to this initial Julias JORC Resource.
“With assays pending on several fronts, from recent RC drilling to test extensions to the Montague-Boulder, Achilles and Evermore deposits, we are looking forward to a busy end to the year as we continue to build critical mass at Montague with our resource inventory now passing the half-million-ounce mark.
“We have made the strategic decision to rename the project the Montague gold project for a range of reasons, not least of which is the geological importance of the Montague Granodiorite as the major feature controlling mineralisation in the greenstone belt, and to differentiate it from the historic Gidgee gold mine, which is owned by our neighbours Horizon Gold.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE