CSA Global completes an independent Mineral Resource estimate for Kalamazoo’s Ashburton Gold Project; 24% Gold Grade Increase to 2.7g/t Au at Mt Olympus Deposit.
Highlights
- An independent mineral resource estimate (“MRE”) has been completed for the Ashburton Gold Project, which now stands at 16.2Mt @ 2.8g/t Au for 1.44Moz
- 68% increase in Indicated Category ounces reflects improved interpretation of all resources within the Project, with higher confidence in continuity of higher-grade zones, particularly at Mt Olympus
- The grade for the Mt Olympus deposit has increased by a significant 24% to 2.7g/t Au, with a 10% increase in grade across all deposits in the resource base to 2.8g/t Au
- 75% of the total ounces at the Ashburton Gold Project resource hosted at Mt Olympus, on higher grade and lower tonnes for an equivalent number of ounces
- Substantial increase of 68% in ounces at the Zeus deposit resulting in total ounces for ‘Zoe Trend’ deposits (which contains West Olympus, Mt Olympus and Zeus) of 1.19Moz
- Optimised pit shells have been used to constrain the global resource into Open Pit and Underground resources, reflecting current standards applied to pass the Reasonable Prospects of Extraction reporting test
- Additional drill targets below the current Open Pit resource at West Olympus/Mt Olympus have been identified as a result of this work and provide potential for a further resource up-grade in 2023
- Preliminary economic studies based on the updated resource will accelerate development activities at Ashburton Gold Project
Kalamazoo’s Executive Director and Ashburton Gold Project Manager Paul Adams said today, “The completion of an independent MRE for the Ashburton Gold Project represents a major milestone for Kalamazoo. Importantly, the major deposit, Mt Olympus, now has a significantly increased grade due to the new interpretation. The optimised pit shell constrained resource at Mt Olympus now stands at over 800,000 ounces, with additional mineralisation potentially amenable to underground mining.
Preliminary optimisation work performed on the new resource, as part of our early development studies, provides us with the confidence to continue project development activities. We look forward to incorporating the results from the new estimate and early development work into our 2023 work program.”
Kalamazoo Resources Limited (ASX: KZR) (“Kalamazoo” or “the Company”) is pleased to advise that an updated Mineral Resource Estimate (“MRE”) has been completed for the Company’s 100% owned Ashburton Gold Project (“AGP” or “the Project”) located 40km south of the town of Paraburdoo, in the Pilbara Region of Western Australia.
The Ashburton Gold Project was acquired from Northern Star Resources Limited (ASX: NST) (“Northern Star”) in August 2020 and has been a key focus for the Company’s West Australian gold exploration program. The MRE was prepared by independent technical consultant CSA Global Pty Ltd (“CSA”) and is based on reverse circulation and diamond drilling totalling 324,804 metres from 11,428 holes, completed by 8 May 2022, which was the date cutoff used for inclusion of results into the resource drilling database.
The updated MRE now stands at 16.2Mt at 2.8g/t Au for 1.44 Moz, detailed in the Table 1 below, estimated to the nearest 10,000 tonnes and 1,000 ounces.
SOURCE: Kalamazoo Resources
DATE: February 7, 2023