Vango Mining Ltd (ASX:VAN) welcomes the news that Catalyst Metals Ltd (ASX:CYL), which acquired a majority interest in VAN on February 15, has released a mineral resource estimate (MRE) for the Marymia Gold Project.
Prospective for gold and copper
The Marymia Project is some 160 kilometres south of Newman in the eastern Gascoyne region of Western Australia and ranges over roughly 3,600 square kilometres. It is prospective for both gold and copper deposits and is within trucking distance of the Plutonic Gold Mine and the DeGrussa Copper Mine.
The Marymia Gold Project consists of both underground and open pit deposits, and boasts a total resource of 1 million ounces at 3g/t gold, which is unchanged from Vango’s previous reporting.
The announcement is the first report on the resource for the Marymia Gold Project since Catalyst acquired a relevant interest in 89.6% of Vango shares on issue.
Upcoming exploration
The new owner intends to progress exploration activities at the project and has kicked off planning for an upcoming exploration program.
The objective of the program will be to follow up on high priority targets and progress drilling at key deposits including Trident and K2 with a view to increasing the mineral resource.
The MRE has been compiled by the same ‘competent person’ that compiled the original estimates for Vango, and those estimates have been reviewed using updated gold price and cost information, and no new drill hole data has been used in the revised estimates.