Source: Ausgold
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  • Ausgold (AUC) significantly upgrades at mineral resource estimate (MRE) for its flagship Katanning gold project in Western Australia
  • The new MRE reads 56 million tonnes at 1.21g/t gold for 2.16 million ounces, representing a 17 per cent increase in total contained ounces
  • Of the MRE, 1.78 million ounces is in the measured and indicated categories, a 33 per cent increase from the prior MRE
  • According to Managing Director Matthew Greentree, the updated MRE de-risks the project and supports the pre-feasibility study which is due to be released next month
  • Shares in Ausgold are down 3.51 per cent on market close and are trading at 5.5 cents

Ausgold (AUC) has significantly upgraded at mineral resource estimate (MRE) for its flagship Katanning gold project in Western Australia.

The new MRE reads 56 million tonnes at 1.21g/t gold for 2.16 million ounces, representing a 17 per cent increase in total contained ounces.

The MRE was reported on within the JORC 2012 code and has further expanded the Central and Southern Zone resources.

Of the MRE, 1.78 million ounces is in the measured and indicated categories, a 33 per cent increase from the prior MRE.

There was an addition of nearly 26,700 metres of new reverse circulation (RC) and diamond drilling with assays now available for 23,300 metres of work.

Further, it supports a stand-alone open-pit operation with the majority of the resource reported above 150 metres relative level with additional underground potential identified.

According to Managing Director Matthew Greentree, the updated MRE de-risks the project, supports a long-life open-pit operation and supports the pre-feasibility study which is due to be released next month.

“The Katanning gold project continues to build scale and demonstrate its significance, with a large 2.16 million ounce resource with massive multi-million-ounce exploration upside,” Mr Greentree said.

Shares in Ausgold were down 3.51 per cent on market close and are trading at 5.5 cents

AUC by the numbers
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