Trelawney Mining and Exploration Inc TSXV:TRR announced an updated resource estimate for the Côté Lake Deposit of its Chester project in northern Ontario. At a cut-off grade of 0.3 g/t gold, the deposit has indicated resources of 930,000 ounces gold at an average grade of 0.82 g/t; it has inferred resources of 5.94 million ounces at an average grade of 0.91 g/t. The new resource represents a 63% increase in total ounces over the 2011 estimate.
President/CEO Greg Gibson remarked, “We are extremely pleased with the significant increase in the resource estimate in the Côté Lake Deposit. The increase in confidence from the drilling and the upgrading of almost a million ounces into the indicated category is a significant step forward for the project. With our current aggressive diamond drill program we look forward to upgrading the remaining inferred resource, and rapidly advancing the project to the next step.”
by Ted Niles