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Vango Mining (ASX:VAN) - Managing Director, Andrew Stocks
Managing Director, Andrew Stocks
Sourced: The Market Herald
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  • Gold explorer Vango Mining (VAN) has upgraded the mineral resource of its Marymia project, with estimates now surpassing one million ounces
  • While new extension and exploration drilling has revealed upgrades to both underground and open-pit resources, it is the shallow, high-grade extensions to several open-pit prospects which have provided the bulk of the upgrade
  • The 48 per cent increase in open-pit resources means the new gold in the ground at Marymia is also more readily exploitable
  • Importantly, the majority of the 18 per cent resource upgrade is also in the indicated category
  • Further drilling is being planned to test for even further resource upside potential
  • Vango Mining fell four per cent by Wednesday’s close to finish at 12 cents per share

Gold explorer Vango Mining (VAN) has upgraded the mineral resource of its Marymia project, with estimates now surpassing one million ounces.

New shallow mineralisation

While new extension and exploration drilling has revealed upgrades to both underground and open-pit resources, it is the shallow, high-grade extensions to several open-pit prospects which have provided the bulk of the upgrade.

The 48 per cent increase in open-pit resources means the new gold in the ground at Marymia is also more readily exploitable.

The extension comes despite the removal of the K2SE open-pit resource due to low-grade and inadequate continuity. K2SE will require further infill drilling and geotechnical information to qualify for inclusion in an updated mineral resource.

Vango Chairman Bruce McInnes says the shallow extensions are a huge plus for the Marymia operation.

“Marymia continues to deliver high-grade, high-quality resource ounces at relatively shallow depth, offering potential for a naturally flexible and therefore lower-risk operation, in close proximity to existing infrastructure, including an established camp and access roads,” he said.

Total underground resources have also seen a slight upgrade, from 513,000 ounces to 541,000 ounces.

The new data comes from an extensive definition and extension drilling program of over 22,000 metres.

Bruce says the company’s understanding of the structure and potential at Marymia continues to grow.

“The company has gained a detailed understanding of the geology and mineralisation controls at Marymia since the commencement of its systematic drilling campaigns in 2017,” he stated.

“This has led to the development of a predictive exploration model to be applied to continued drilling programmes that are designed to further expand the Marymia high-grade resource base,” he added.

Next steps

While the upgrade represents an 18 per cent increase to the previously reported resource from June 2019, it’s important to note the majority of the upgrade is in the indicated category.

Total JORC 2012 indicated resources increased by 22 per cent to 663,000 ounces. Indicated resources now represent 66 per cent of the mineral resource estimate.

The new resources are predominantly from three of six identified mineralised corridors and are at less than 250 metres depth.

Further drilling is being planned to test for even further resource upside potential.

They say the first million is the hardest to make. With the important milestone now under the belt, Vango can continue to see just how much potential lies in the ground at Marymia.

Vango Mining fell four per cent by Wednesday’s close to finish at 12 cents per share.

VAN by the numbers
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