- Exore Resources (ERX) has announced a maiden mineral resource estimate for its Bagoe Gold Project in Côte d’Ivoire
- The estimate sits at 530,000 ounces at 2.5 grammes per tonne gold, with a cut-off of one gramme per tonne
- The explorer believes that the estimate is a significant step towards identifying a multi-million ounce gold project in the country
- Company shares are up 6.25 per cent on the market today and are trading for 5.1 cents each
Exore Resources (ERX) has announced a maiden JORC 2012 mineral resource estimate for its Bagoe Gold Project.
The Bagoe Project is located in northern Côte d’Ivoire, encompassing a total 425 square kilometres.
The mineral resource estimate sits at 530,000 ounces at 2.5g/t gold reported at a 1g/t lower cut-off or 600,000 ounces at 1.9g/t gold reported at a 0.5g/t lower cut-off.
Exore believes that this estimate is a significant step towards identifying a multi-million-ounce gold project in northern Côte d’Ivoire.
The new mineral resource estimate includes drilling completed at the Antoinette and Veronique deposits over a period of 14 months up to February 2020.
Antoinette has a mineral resource estimate of 5.55 million tonnes at 2.3g/t gold for 415,000 ounces at a cut-off of 1g/t, or 8.4 million tonnes at 1.8g/t gold for 485,000 ounces at a cut-off of 0.5g/t.
Veronique’s mineral resource estimate sits at 1.05 million tonnes at 3.2g/t gold for 110,000 ounces at a cut-off of 1g/t, or 1.35 million tonnes at 2.8g/t gold for 120,000 ounces at a cut-off of 0.5g/t.
Additionally, mineralisation at Antoinette and Veronique remains open in all directions.
“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,” Managing Director Justin Tremain commented.
“We view the maiden mineral resource estimate of well in excess of half a million ounces of gold at 2.5g/t as an interim resource with scope for growth with additional drilling,” he said.
Drilling was also completed at both Antoinette and Veronique after February, however, these results were not included in the mineral resource estimate.
Significant results from Antoinette include nine metres at 5.66g/t gold from 106 metres, 12 metres at 4.48g/t gold from 83 metres, and 10 metres at 1.71g/t gold from 33 metres.
Meanwhile, Veronique only returned high-grade result of three metres at 6.45g/t gold from three metres.
Despite this result, Exore believes that there is a potential for Veronique to host several zones of high-grade gold mineralisation.
Exore is up 6.25 per cent on the market today and shares are trading for 5.1 cents each at 12:28 pm AEST.