Primary Gold increases Mt Bundy Resource

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THE DRILL SERGEANT: Primary Gold (ASX: PGO) has increased Mineral Resources at the company’s Mt Bundy gold project in the Northern Territory to 1.43 million ounces gold (JORC 2012-compliant).

Primary Gold said the updated figures represent a 21 per cent lift in ounces at Mt Bundy from the previous upgrade in July 2013, and a 40 per cent increase since the company acquired Mt Bundy in April 2013.

 

Mt Bundy gold project Mineral Resource, September 2014 (Rustlers Roost
represents PGO’s 80% interest). Source: Company announcement

 

The company emphasised 969, 000 ounces of gold now lies within the Indicated Mineral Resource classification.

The Mt Bundy gold project is located 90 kilometres southeast of Darwin and comprises the Toms Gully mine and mill and proximal resources at the Rustlers Roost and Quest 29 projects.

Primary Gold said the project encompasses an additional 2,200 square kilometres of under-explored Pine Creek terrain, which it considers to be prospective for further discoveries of quartz vein hosted gold mineralisation.

 

Toms Gully location & regional setting. Source: Company announcement

 

The Mineral Resource update incorporates results of recently completed drilling at Toms Gully, and updates of the Rustlers Roost estimate has been based on a review of the current reporting parameters and bringing them into line with JORC 2012 requirements.

In addition, a maiden Resource estimate has been reported for the Quest 29 deposit, located 13 kilometres south of Toms Gully.

“The Mt Bundy gold project has many of the key geological features of the multi-million ounce Pine Creek-Katherine gold camps to the south, yet the project remains substantially under-explored,” Primary Gold managing director Clay Gordon said in the company’s announcement to the Australian Securities Exchange.

“This resource inventory, situated within about 300 metres of the surface, we believe demonstrates there is significant gold in our part of the system, and given the lack of exploration, this presents an excellent opportunity for further resource growth.”

Email: info@primarygold.com.au

Website: www.primarygold.com.au