Gold Fields may sell smaller mines after Osisko acquisition
The Johannesburg-based gold miner is shifting focus to advancing its new Salares Norte mine in Chile.
Corvus Gold has released drill results from its Mother Lode project which intercepted mineralization outside of the resource limits and identified a new discovery below the current deposit.
Drill highlights include:
The area of mineralization below Mother Lode, called the Central Intrusive zone, features higher-grade oxide mineralization with additional follow-up drilling planned. Corvus expects the CIZ to potentially support both open pit and future underground mining. The company has interpreted a widening intrusive dike system at CIZ which projects downwards.
“The latest intercepts from the new CIZ are encouraging and we believe they could represent the tip of the iceberg for a new high-value part of this growing deposit,” Jeffery Pontius, the company’s president and CEO said in a release. “The phase-4 Mother Lode exploration program is designed to unlock what Corvus anticipates may be the deep potential for both high-grade oxide and deeper sulphide mineralization in this promising new sediment-hosted deposit.”
Current measured and indicated resources at the 36.5-sq.-km Mother Lode project stand at 53.4 million tonnes at 0.68 g/t gold for a total of 1.16 million oz. with additional inferred resources of 16.2 million tonnes at 0.46 g/t gold for a total of 241,000 oz; 52.2 million of these tonnes are in the heap leach category.
The company’s 91-sq.-km North Bullfrog project borders Mother Lode; both are located within the Bullfrog mining district host to epithermal gold systems. Mother Lode is a new discovery of a sediment-hosted gold system.
(This article first appeared in the Canadian Mining Journal)
