Total
0
Shares
NTM Gold (ASX:NTM) - Managing Director, Andrew Muir
Managing Director, Andrew Muir
Sourced: Business News
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • NTM Gold has announced the maiden inferred mineral resource estimate for the Hub deposit, which is part of the Redcliffe Project in WA
  • The mineral resource estimate is 890,250 tonnes at 4.9 grams per tonne for 140,822 ounces of gold
  • Hub is now the Redcliffe Project’s biggest deposit by ounces with the highest grade
  • NTM Gold is conducting a 30,000 metre air core drilling program at Redcliffe to test large scale targets and structures
  • Company shares are up 2.53 per cent and are trading for 8.1 cents each

NTM Gold has announced the maiden inferred mineral resource estimate (MRE) for the Hub deposit, which is part of the Redcliffe Project in WA.

The MRE is 890.3kt at 4.9 g/t gold for 140.8koz of gold using a 0.5g/t gold lower cut off. The MRE has been classified as Inferred according to the JORC Code 2012.

The Hub MRE consists of Oxide, Transitional and Fresh material. The Oxide component contributes 43.0koz at a grade of 6.6g/t gold, Transitional 17.7koz at 4.1g/t gold and Fresh material 80.2koz at 4.5g/t gold.

With the completion of the Hub MRE, the global MRE for the Redcliffe Project is now 13.4 million tonnes at 1.6g/t for 678.7koz, using a 0.5g/t lower cut-off grade. This represents a 26 per cent increase in ounces and a 23 per cent increase in grade over the previously quoted MRE for the project back in June 2018.

“The maiden Mineral Resource Estimate for Hub is an important outcome for the company following its discovery in October 2018. Significantly, the Hub deposit remains open at strike and depth,” Managing Director Andrew Muir said.

To finalise the MRE, NTM Gold and independent resource consultants, BM Geological Services, incorporated data from 89 reverse circulation (RC), 15 RC with diamond tails and three diamond holes on nominal 50-metre spacings down to a depth of 360 metres.

Hub is located in the centre of the Redcliffe Project which lies 40 kilometres north-east of Leonora in Western Australia.

Hub is now the Redcliffe Project’s biggest deposit by ounces with the highest grade.

The company is currently undertaking a more than 30,000-metre air core drilling program at Redcliffe to test large scale targets and structures. Drilling is expected to be ongoing for the next few months.

NTM Gold’s shares are up 2.53 per cent and are trading for 8.1 cents each at 3:56 pm AEST.

NTM by the numbers
More From The Market Herald
Essential Metals (ASX:ESS) - Managing Director, Tim Spencer

" Essential Metals (ASX:ESS) rides lithium boom with sale of Mavis Lake

Essential Metals (ESS) is looking to capitalise on the current “strong interest in lithium,” inking a deal to sell its stake in the
Poseidon Nickel (ASX:POS) - MD and CEO, Peter Harold

" Poseidon Nickel (ASX:POS) reports latest results from Tundra-Mute

Poseidon Nickel (POS) has provided an update on exploration activities within its Black Swan project in Western Australia.

" Anova Metals (ASX:AWV) begins drilling at Big Springs

Anova Metals (AWV) has begun the 2021 reverse circulation (RC) drilling program at its Big Springs gold project in Nevada.
Raiden Resources (ASX:RDN) - Managing Director, Dusko Ljubojevic

" Raiden Resources (ASX:RDN) completes tenement acquisition

Raiden Resources (RDN) has completed the acquisition of the nickel-copper-platinum group element (PGE) tenements adjacent to its Mt Sholl project.