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Gold Rock has a February 2012 resource estimate using a 0.27 g/t gold cutoff to show:
- an indicated category of 12.97 million tonnes averaging 0.74 g/t gold for 310,000 gold ounces
- an inferred category of 17.89 million tonnes averaging 0.58 g/t for 331,000 ounces.
In a statement accompanying the assays, Midway president/CEO Ken Brunk said the drilling confirms historic results while step-outs can potentially expand the resource. “The company anticipates that Gold Rock will be the next project in our portfolio to go into production, following the construction and start-up of the Pan project,” he added. Gold Rock is just eight kilometres from Pan.
Midway shares opened January 7 at $1.40, two cents above their previous close, with the chart staying flat throughout the day.
In other January 7 Nevada news, Paramount Gold and Silver TSX:PZG announced results from its Sleeper gold-silver project in Humboldt County, which includes a former open pit mine. Intervals are approximate true widths.
Highlights from the Pad Zone include:
- 0.453 grams per tonne gold and 0.5 g/t silver over 48.77 metres
- 0.65 g/t gold and 0.9 g/t silver over 16.76 metres
- 0.817 g/t gold and 7.8 g/t silver over 9.14 metres.
Pad zone intervals began at 21 metres from surface, with the deepest ending at 317 metres down-hole depth.
South Sleeper zone highlights include:
- 0.223 g/t gold and 2.1 g/t silver over 47.24 metres
- 0.23 g/t gold and 3.3 g/t silver over 44.2 metres
- 0.232 g/t gold and 3.9 g/t silver over 12.19 metres.
South Sleeper zone intervals began at 100 metres from surface. The deepest ended at 412 metres down-hole.
The project’s September 2012 PEA forecasts a US$695-million pre-tax NPV using a 5% discount rate, a 26.8% IRR and a 17-year lifespan averaging 172,000 gold ounces a year. The figures are based on a gold price of $1,384.
Sleeper’s measured and indicated resource estimate shows:
- 326.96 million tonnes averaging 0.33 g/t gold and 3.86 g/t silver for 3.48 million gold ounces and 40.6 million silver ounces.
The inferred category shows:
- 223.62 million tonnes averaging 0.27 g/t gold and 2.84 g/t silver for 1.97 million gold ounces and 20.45 million silver ounces.
The January 7 assays come from drilling outside the resource. Paramount is also working on a PEA for its San Miguel gold-silver project in northern Mexico.
Paramount closed January 4 at $2.26, opened January 7 a penny higher and nudged a daily high of $2.28 before closing on the day’s low of $2.24.
Click here to see Visual Capitalist’s infographic about Nevada mining.
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