Nigeria resumes mining in Zamfara state on improved security
Nigeria has lifted a ban on mining exploration in the northwestern state after a five-year suspension.
Gold Springs Resource (TSX: GRC) has added more than 100,000 gold-equivalent (AuEq) ounces to the resource estimate for its project located along the Nevada-Utah border, the company announced Friday.
In an updated NI 43-101 resource estimate, the Vancouver-based gold miner has increased the Gold Springs project’s measured and indicated resources to 729,000 oz AuEq at an average grade of 0.63 g/t. Inferred resources also grew to 104,000 oz AuEq at an average grade of 0.57 g/t.
“With the new addition to the resource, Gold Springs is closer to the one-million-ounce mark, which is an important milestone for any gold deposit, particularly for those in mining-friendly and politically-stable jurisdictions like Nevada and Utah,” Gold Springs president and CEO Matias Herrero said.
Herrero added that “the gold and silver grades at Gold Springs compare very well with other known gold deposits” in the region.
The company has also released an updated preliminary economic assessment for the Gold Springs project, showing an over 66% increase in its after-tax net present value (at a 5% discount rate) from $92.1 million to $153.6 million.
Shares of Gold Springs Resource — formerly known as TriMetals Mining — rose more than 13.3% by midday Friday. The company’s market capitalization now stands at C$21.1 million.
