Ready Set Gold Corp announced that it has completed an updated mineral resource estimate (MRE) for its 100% owned Northshore gold project in northern Ontario, which covers the main Afric mineralization zone and utilized 157 of the 168 holes drilled at Northshore.
The precious metals exploration company said the MRE showed an estimated 240,100 total Inferred, pit constrained, ounces of gold, contained in 6,511,000 tonnes, at an average grade of 1.15 grams per tonne (g/t) gold, utilizing a US$1,750 per ounce pit shell and reported at a cut-off grade of 0.40 g/t gold.
“The updated MRE gives the company a baseline resource to expand upon and is in full compliance with current NI 43-101 standards for resource reporting,” Ready Set Gold CEO Alex McAulay said in a statement.
READ: Ready Set Gold updates on Northshore Gold Project; announces withdrawal from Hemlo Eastern flanks
“As part of the company's strategic review process previously outlined, it was imperative to assess the current and future potential of each asset within the portfolio and define a path forward to grow the business, while working in coordination with all project stakeholders,” McAulay added.
Ready Set Gold noted that since the previous MRE in 2014, an additional 66 drill holes have been completed on the Northshore property within and adjacent to the Afric Zone.
As well, the company reported that it continues to consult with Pays Plat First Nation, a key stakeholder in Northshore, saying that until it has satisfied the First Nation's requirements for consultation and obtained a social license to conduct work on the project, Ready Set Gold will not move forward with any field-based work programs.
Ready Set Gold owns a 100% interest in the Northshore gold project, located in the Schreiber-Hemlo greenstone belt near Thunder Bay, Ontario which is prospective for gold and silver mineralization.
Contact Sean at sean@proactiveinvestors.com