The geologic model is part of an ongoing project optimization that includes the discovery of continuous high-grade gold bearing structures extending for at least 3 kilometers in strike and at least 450 meters in depth at its 100% owned
Highlights
- Modelling of 2020 drill results has identified high-grade pipe structures at the intersections of newly identified east-west oriented sub-vertical structures and the previously disclosed1 northwest – southeast oriented structures over the extent of the 3 km strike-length of the Toroparu Main and NW Zones. (Fig. 1, 2).
- These high-grade structural pipes occur in a repetitive pattern across the gold mineralized Toroparu Trend (Fig. 3, 4) significantly increasing the possibility that Toroparu is amenable to shallow bulk and selective underground mining methods2.
- The high-grade mineralized pipes, range in grade from ~5 g/t to more than 20 g/t of gold over potentially mineable widths, often surrounded by a lower grade (~0.5-5.0 gpt Au) halo of mineralized material. Drilling to date has shown the higher-grade structures demonstrate continuity up to 100 meters vertically (Fig. 5).
Figure 1 is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/e16080cf-2cb0-4715-8626-c82f99fcaf4f
Figure 2 is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/b7dd947b-3938-47a9-9b72-e610ee8a29c4
Figure 3 is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/e3bbc6cc-22f2-44d5-a860-39b069cd9172
Figure 4 is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/72959642-aa4e-44f6-9072-ffd5fc79c6ef
High-Grade Structural Jewelry Boxes
High-grade gold mineralization at the intersection of NW/SE and EW oriented structures regularly exhibits the highest-grade gold mineralization (~5 g/t - > 20 g/t). These high-grade pipe structures (Jewelry Boxes) have demonstrated up to 100m of vertical continuity and are identified in core by extensive quartz carbonate veining, brecciation, native gold, and copper sulfides (Fig. 5)
Figure 5 is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/05b85017-34b7-49db-8c36-625f1f12a312
Implications
The initial review and corresponding updated HPX/Nordmin Geologic Model have the following implications:
- The NW/SE & EW high-grade mineralized structures are separate mineralized domains that can be modeled independently from the lower-grade mineralized domains that surround the structures.
- The higher-grade mineralized domains have a distinct and repeatable pattern both within the existing open pit resource shell and extending to and beyond the NW zone.
- The combination of the higher and lower grade domains will be added to update the open pit resource estimate.
- The combination of higher and lower-grade mineralized domains provides various resource development options including open pit and underground mining methods.
Next Steps
Gold X is midway through its 10,000-meter Phase 2 drill program targeting sub-vertical high-grade structures along the 3 km Toroparu trend (see
Following the completion of this drill program in mid-April, Gold X expects to complete:
- an updated Mineral Resource Estimate combining the higher-grade and lower-grade mineralized domains within an optimized open pit shell,
- a maiden Mineral Resource Estimate for the higher-grade mineralized domains that may be amenable to underground mining methods,
- mine engineering studies analyzing open pit, underground and hybrid open pit/underground production alternatives,
- a 43-101 Compliant Technical Report (PEA or Pre-feasibility) supporting the selected mine alternatives.
Qualified Persons Review
This release was independently prepared under the supervision of Mr.
About
The Toroparu Project’s latest Updated Mineral Resource Estimate Statement (UMRE), effective
A Preliminary Economic Assessment (Preliminary Economic Assessment Report,
The PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the Preliminary Economic Assessment will be realized.
The PEA documentation of mining production quantities replaces the 2013 Prefeasibility Study (the “2013 PFS”) Statement of Mineral Reserves.3 The PEA is based on exploitation of Measured, Indicated and Inferred Mineral Resources while the 2013 PFS is based on the exploitation of Proven and Probable Mineral Reserves. Inferred Resources from the Mineral Resource Estimate comprise 5% of the resources used in the production schedule reported in the PEA. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The conclusions and results of the PEA replace the conclusions and results from the 2013 PFS.
Visit Gold X’s website at www.goldxmining.com
For further information contact:
Telephone: +1 (604) 609-6132
Email: investors@goldxmining.com
Neither the
Forward-looking Statements
This press release includes certain forward-looking statements concerning future performance and operations of the Company, including the expected positive results from the
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1
2 Examples of mines with similar structural and grade profiles include Jacobina/Yamana with average head grade of 2.8 g/t https://www.yamana.com/English/portfolio/producing-mines/jacobina/default.aspx; Timmins West /Pan American Silver with ~3.05 g/t Au head grade https://www.panamericansilver.com/assets/Reserves-Resources/Pan-American-Silver-resources-and-reserves-end-June-2020.pdf,; and
3 A prefeasibility study was completed in
Fig. 1:
Historic Toroparu High-Grade Structural Model (3Q-2020)
Fig. 2:
Updated Toroparu High-Grade Structural Model (1Q-2021). Source: Nordmin Engineering Ltd. , Feb 2021
Fig. 3:
High-Grade Structural Views (Plan Section). Source: Nordmin Engineering Ltd. , Feb 2021
Fig. 4:
High-Grade Structural Views (Long Section)
Fig. 5:
High-Grade Drilling Program X-Section (B-B’). Source: Nordmin Engineering Ltd. , Feb 2021
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