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- Initial gold MRE at Miriam consists of 153,000 ounces of contained gold
- Flagship Forrest deposit hosts 147,000 ounces of contained gold
- 35% of MRE classified as Indicated mineral resources
- Majority of contained ounces are located within 100m of surface
Ore Resources (ASX: OR3) has released its initial gold mineral resource estimate (MRE) and exploration target (ET) for its Coolgardie Gold Projects located in WA Goldfields.
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The initial MRE contains 2.8. million tonnes (Mt) at 1.7 grams per tonnes (g/t) gold for 153,200 contained ounces. The MRE includes a higher-grade resource in the Indicated category of 0.94 Mt at 1.8 g/t for 53,370 contained ounces, reported entirely within the flagship Forrest deposit.
Forrest hosts the majority of the MRE, comprising 2.69 Mt at 1.7 g/t for 147,400 contained ounces.
The Miriam MRE is underpinned by a comprehensive drilling database comprising 1,152 drill holes incorporating all drilling completed by the company together with extensive historical drilling data from previous operators.
MD and CEO, Nick Rathjen, said the unveiling of Ore’s initial gold resource at Miriam is a substantial achievement for the company and provides strong validation of the company’s proven low-cost exploration strategy across the Coolgardie Gold Projects.
“Delivered the result little more than 12 months after reporting the first drilling results from the Forrest and Canyon discoveries, this milestone highlights the pace at which our team has been able to identify, delineate and advance high-quality gold mineralisation and our ability to translate that success into resource definition,” Mr Rathjen said.
“The MRE exhibits several highly attractive characteristics from a future development perspective. More than one-third of contained ounces has been classified in the Indicated category, providing a strong foundation for future technical and economic studies.
“Importantly, the majority located within the upper 100 vertical metres with all reported ounces within 220 metres of surface, supporting favourable mining characteristics and providing a solid platform for further near-term resource growth.”
Mr Rathjen noted that Ore believes Miriam remains in the early stages of its growth trajectory.
“Mineralisation at both Forrest and Canyon remains open along strike and at depth, and a number of advanced regional targets, including Jungle, Devils Playground and Burbanks Monarch, remain largely untested.”
He told shareholders further upside also exists at the standalone Avoca project, located immediately north of Miriam.
“This broader growth opportunity is reflected in the declaration of an exploration target for the broader Coolgardie Gold Projects, consisting of 4.55 to 5.8 Mt at 1.4 to 2.3 g/t gold for 200,000 to 400,000 ounces,” Mr Rathjen said.
“The exploration target highlights substantial scope to materially increase the current resource base through continued exploration success.”
OR3 was steady at 4.8¢ with a Mkt cap of $39.82M prior to markets opening.
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