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- Gateway Mining (GML) increases Gidgee gold project’s total mineral resources by 87 per cent
- The WA-based project’s indicated and inferred mineral resource now stands at 8.16 million tonnes at 1.7g/t gold for 449,000 ounces over four deposits
- This resource upgrade follows 18 months of exploration work across the project and includes a maiden resource estimate for the Achilles North/Airport and Evermore deposits
- Gateway Mining is progressing drilling at multiple targets over the next few months to potentially grow the resource even further
- GML shares are down 5.88 per cent to trade at 1.6 cents
Gateway Mining (GML) has increased the Gidgee gold project’s total mineral resources by 87 per cent.
The Western Australian project now has an indicated and inferred mineral resource estimate of 8.16 million tonnes at 1.7 grams of gold per tonne (g/t) for 449,000 ounces which includes the Montague-Boulder, Achilles North/Airport and Evermore deposits.
This increase in total resources is an 87 per cent growth on the previous inferred resource of 240,000 ounces for the Whistler and Montague-Boulder deposits.
Gateway Mining delivered the upgraded resource on the back of around 18 months of extensive exploration work. Importantly the new estimate includes a maiden mineral resource for the Achilles North/Airport and Evermore deposits.
The Evermore deposit was discovered in October 2020 and has a maiden inferred resource of 1.32 million tonnes at 1.6g/t gold for 67,000 ounces.
The Achilles North/Airport oxide deposits has a maiden indicated and inferred resource of 2.07 million tonnes at 1.5g/t gold for 99,000 ounces.
Managing Director Mark Cossom said the upgrade marks an important step towards unlocking the broader potential of the Gidgee project.
“This updated resource provides a strong foundation for what continues to emerge as a compelling value proposition at Gidgee. Importantly, it represents a stepping-stone towards what we believe will emerge as a very significant shallow resource inventory at Gidgee at very attractive grades.”
Gateway Mining is progressing drilling and other activities at multiple targets with the aim of building a portfolio of complementary mineral resources to potentially deliver resource growth
The company also plans to commence a series of drill programs in February next year.
GML shares were down 5.88 per cent to trade at 1.6 cents at 12:08 pm AEDT.
