MAS Gold Corp (TSX-V:MAS, OTCQB:MSGCF) has unveiled a resource update for its Greywacke North gold deposit, moving the company closer to boasting one million ounces of gold across its La Ronge assets, which sit on the gold belt in Saskatchewan.
The new resource follows the firm's 11 hole (2,207.8 m) diamond drill program at the property and showed a total of 156,000 ounces of contained gold across the indicated and inferred categories.
The total high confidence indicated resource was pegged at 101,000 ounces of the yellow metal at a grade of 4.9 grams per ton (g/t), while the lower confidence inferred was put at 55,000 ounces at a grade of 4.12 g/t.
Compared to the previous estimate from 2016, the average grades were lower in both categories, but the latest resource showed an increase of 23.9% and 290.1% in the estimated contained gold ounces in inferred and indicated, respectively, noted MAS Gold.
READ: MAS Gold intersects high-grade gold at its North Lake gold deposit in Saskatchewan
"The 2021 update is an important step forward toward accomplishing our goal of developing one million gold ounces at our La Ronge assets," said Jim Engdahl, CEO of the company.
"The updated Greywacke North mineral resources add to our North Lake gold deposit inferred mineral resource, that for a marginal cut-off grade of 0.40 g/t Au, includes 14,110,000 t grading 0.92 g/t Au, hence 417,000 oz Au insitu, as announced on March 25, 2020.
"A 2021 update of the 2020 North Lake Mineral Resource estimate is currently being compiled; the results will be reported in due course.
"The North Lake update includes the results of MAS Gold's winter and summer, 2021 drilling programs totaling 22 holes for 5,902.5 m. Additional infill and exploration drilling is planned to further expand our Mineral Resources in the La Ronge Gold Belt," he added.
Engdahl also highlighted that the high-grade mineralization at Greywacke North "when combined with the low-grade North Lake deposit", supported the firm's strategic mine development plan, which envisioned a centralized plant processing material from North Lake, co-mingled with high-grade material from MAS Gold's other La Ronge Gold Belt deposits.
In the La Ronge belt, MAS Gold has four properties totaling 33,843 hectares (83,628 acres). These are the Greywacke Lake, Preview North, Elizabeth Lake and Henry Lake properties, which extend along around 60 kilometers.
Contact the author at giles@proactiveinvestors.com