- Kalamazoo Resources (KZR) announces an updated mineral resource estimate (MRE) for its Ashburton gold project in Western Australia
- The MRE now stands at 16.2 million tonnes at 2.8 grams per tonne (g/t) gold for 1.44 million ounces and comprises the Mt Olympus, Peake, Waugh and Zeus deposits
- Mt Olympus hosts 75 per cent of the total resource ounces and also experienced a 24 per cent grade increase to 2.7 g/t
- The company says there’s potential to further upgrade the MRE after identifying additional targets below the current open pit resource
- Company shares closed lower by 4.88 per cent to trade at 19.5 cents on Tuesday afternoon
Kalamazoo Resources (KZR) has announced an updated independent mineral resource estimate (MRE) for its Ashburton gold project in Western Australia’s Pilbara region.
The MRE now stands at 16.2 million tonnes at 2.8 grams per tonne (g/t) gold for 1.44 million ounces.
The Ashburton MRE comprises the Mt Olympus, Peake, Waugh and Zeus deposits, with Mt Olympus accounting for 75 per cent of the total resource base ounces.
The grade for the Mt Olympus deposit has increased by 24 per cent to 2.7 g/t gold, and the total resource grade of 2.8 g/t represents an overall increase of 10 per cent.
Further, the company saw a 68 per cent increase in ounces to 121,000 at the Zeus deposit, resulting in total ounces for the ‘Zoe Trend’ deposits of 1.19 million ounces. The Zoe Trend contains the West Olympus, Mt Olympus and Zeus deposits.
The MRE is based on 324,804 metres of drilling completed in May 2022.
Kalamazoo Resources Executive Director and Project Manager Paul Adams said the completion of the MRE represented a “major milestone” for the company.
“Importantly, the major deposit, Mt Olympus, now has a significantly increased grade due to the new interpretation,” Mr Adams said.
“The optimised pit shell constrained resource at Mt Olympus now stands at over 800,000 ounces, with additional mineralisation potentially amenable to underground mining.”
Kalamazoo Resources has identified more drill targets below the current open pit resource that reportedly provide the potential for another MRE upgrade this year.
Company shares closed lower by 4.88 per cent to trade at 19.5 cents on Tuesday afternoon.