Aurelius Minerals Inc (TSX-V:AUL, OTCQB:AURQF) unveiled its maiden mineral resource estimate for its Aureus East gold project that highlighted the potential of the Nova Scotia-based property.
The report outlined 162,700 ounces (oz) of gold in the Indicated category, and another 387,600 oz in the Inferred group.
In a statement, Aurelius hailed the “tremendous” exploration potential of the property, with multiple zones north and south of the axis of the deposit.
READ: Aurelius Minerals discovers high-grade gold samples at its Aureus East project in Nova Scotia
The zones extend from surface and are open at depth, Aurelius said, with potential for surface extraction and near surface resource growth.
The majority of drilling is less than 500 metres depth and constrained to the western portion of the deposit, leaving a good amount of the property unexplored, according to Aurelius.
A closer look at the mineral resource estimate revealed 78,000 oz of pit-constrained gold and another 84,700 oz of underground constrained gold to comprise the 162,700 oz in the higher-confidence Indicated category. As for Inferred, the combined 387,600 oz consisted of 147,200 oz pit constrained and 240,400 oz underground constrained.
Plan View of Pit Constrained Resources at Aureus East
Aurelius said it plans to build on the success of the mineral resource estimate by focusing the next phases of drilling on high grade target zones to increase the resource estimate in the near term and advance the project towards a preliminary economic assessment.
Validating the project's potential
CEO Mark Ashcroft called the maiden resource estimate a “major milestone” for Toronto-based Aurelius.
"We established this maiden resource estimate as a key milestone for the project, and we have delivered on that in 21 months,” Ashccroft said.
“We had exceptional success in validating the project's potential, with our drill program intersecting significant intervals of gold at 100% of our drill holes. The result is a robust gold resource that unlocks tremendous value through the drill bit and demonstrates the potential for significant additional resource growth in the near term.”
Aurelius now has four distinct mineral resource estimates in Nova Scotia.
The group is also advancing two district-scale gold projects in the Abitibi Greenstone Belt in Ontario.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas