Gold price set for biggest weekly jump in 20 months on haven demand
The precious metal has surged around 30% so far this year, supported by healthy central bank buying.
Toronto-listed Premier Gold Mines has nearly tripled gold resources at its 70%-owned Hardrock Project in northwestern Ontario, Canada.
An updated NI 43-101 report by Micon International Limited shows a 269% increase in measured and indicated resources to 2.5 million ounces, and a 164% increase in inferred resources to 1.1 million ounces.
“This robust mineral resource estimate at Hardrock is the result of a great team effort and 24 months of aggressive exploration,” said Premier President & CEO Ewan Downie. “This resource estimate is in line with our goal of developing a significant deposit, potentially capable of mid-tier gold production. With eight drills currently active on the property and several zones still open for expansion, we continue to see considerable upside in this resource.”
The company plans to do 70,000 metres of drilling in 2011, along with de-watering of older mine workings and construction of an exploration ramp.
The Hardrock Project, located about four kilometres south of Geraldton, ON, is host to several past-producing mines which collectively produced more than 3 million ounces of gold from depths primarily within 600 metres of surface between 1938 and 1968. Underground resources are located proximal to and below the historic mine workings.
The nearby Kailey deposit located about 2K north of the Hardrock deposit at the location of the former Little Long Lac gold mine. The Kailey mineralized zone is a small lower-grade potential open pit mineral resource.
Highlights:
Click here to read the full press release
Image by Premier Gold Mines
