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THE Canadian Mining Company Eagle Mountain Gold Corporation, searching for gold on Eagle Mountain, five kilometers north of Mahdia, Region 8 (Potaro/Siparuni), has announced, indicated and inferred resource estimates of 980,000 ounces of gold on their property. President, CEO and Director of the Company, Mr. Yannis Tsitos, made this disclosure last week and stated that the resource estimate represented a 34% increase of the amount of gold indicated and inferred on Eagle Mountain two years ago.
Mr. Tsitos stated that the updated resource estimate has been completed in accordance with Canadian Securities Administration National Instrument 43-101 (“NI 43-101”) and Canadian Institute of Mining (CIM) Standards on Mineral Resources and Mineral Reserves.
The update was done by A.C.A. Howe International Limited of Toronto, Ontario, Canada (“ACA Howe”) using the Company’s 2011/2012 diamond drilling results, the historical diamond drilling results from IAMGOLD, as well as other current and historical geological data that met Quality Assurances and Quality Control( QA/QC) requirements.
In November 2010, the Eagle Mountain Corp. announced an Inferred Resource estimate, using a block cut-off grade of 0.5 grams per tonne gold ( 0.5 g/t Au) in 17.96 million tonnes materials with an average gold grade of 1.27 g/t Au for 733,500 ounces of gold.
The 2012 updated mineral resource estimate of the Eagle Mountain gold deposit at 0.5 g/t Au consists of indicated resource of 3,921,000 tonnes gold bearing materials, averaging 1.49 g/t Au for 188,000 ounces and Inferred resource of 20,635,000 tonnes gold bearing materials, averaging 1.19 g/t Au for 792,000 ounces.
This has brought the total amount of gold indicated and inferred at Eagle Mountain, to date, to 980,000 ounces.
The November 2012 updated resource estimate represents approximately a 34% increase from the November 2010 resource outline.
Mr. Tsitos stated that the updated resource estimate is based on a comprehensive database consisting of 281 drill holes, totaling 35,993 meters and 21,235 assay samples, which were drilled by British Anaconda Mining, the Government of Guyana, Golden Star Resources and Cambior on the Zion and Kilroy mineralized zones of Eagle Mountain.
Mr. Tsitos stated that ACA Howe, Canadian Geological and Mining Consultants, considers that gold mineralization identified at Eagle Mountain may be amenable to open-pit extraction and that mineral resources are reported at an appropriate cut-off grade taking into account possible extraction scenarios and processing recoveries.
He took care to point out though that mineral resources are not mineral reserves and by definition do not demonstrate economic viability.
He stated: “This mineral resource estimate includes inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves.”
“There is also no certainty that these inferred mineral resources will be converted to the measured and indicated resource categories through further drilling, or into mineral reserves, once economic considerations are applied.”
Mr. Tsitos stated that the updated resource estimate has been completed in accordance with Canadian Securities Administration National Instrument 43-101 (“NI 43-101”) and Canadian Institute of Mining (CIM) Standards on Mineral Resources and Mineral Reserves.
The update was done by A.C.A. Howe International Limited of Toronto, Ontario, Canada (“ACA Howe”) using the Company’s 2011/2012 diamond drilling results, the historical diamond drilling results from IAMGOLD, as well as other current and historical geological data that met Quality Assurances and Quality Control( QA/QC) requirements.
In November 2010, the Eagle Mountain Corp. announced an Inferred Resource estimate, using a block cut-off grade of 0.5 grams per tonne gold ( 0.5 g/t Au) in 17.96 million tonnes materials with an average gold grade of 1.27 g/t Au for 733,500 ounces of gold.
The 2012 updated mineral resource estimate of the Eagle Mountain gold deposit at 0.5 g/t Au consists of indicated resource of 3,921,000 tonnes gold bearing materials, averaging 1.49 g/t Au for 188,000 ounces and Inferred resource of 20,635,000 tonnes gold bearing materials, averaging 1.19 g/t Au for 792,000 ounces.
This has brought the total amount of gold indicated and inferred at Eagle Mountain, to date, to 980,000 ounces.
The November 2012 updated resource estimate represents approximately a 34% increase from the November 2010 resource outline.
Mr. Tsitos stated that the updated resource estimate is based on a comprehensive database consisting of 281 drill holes, totaling 35,993 meters and 21,235 assay samples, which were drilled by British Anaconda Mining, the Government of Guyana, Golden Star Resources and Cambior on the Zion and Kilroy mineralized zones of Eagle Mountain.
Mr. Tsitos stated that ACA Howe, Canadian Geological and Mining Consultants, considers that gold mineralization identified at Eagle Mountain may be amenable to open-pit extraction and that mineral resources are reported at an appropriate cut-off grade taking into account possible extraction scenarios and processing recoveries.
He took care to point out though that mineral resources are not mineral reserves and by definition do not demonstrate economic viability.
He stated: “This mineral resource estimate includes inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves.”
“There is also no certainty that these inferred mineral resources will be converted to the measured and indicated resource categories through further drilling, or into mineral reserves, once economic considerations are applied.”
