MENA FN Proactive Investors of Australia Excelsior Gold (ASX: EXG) raised the ounces and assurance of the gold resource at its Zoroastrian deposit part of the Kalgoorlie North Gold Project with 69% of the total resource now in the higher confidence indicated category.
The new resource of 6.58 million tons at 2.48 grams per ton (g/t) for 524,400 controlled gold ounces is a rise by 8% in ounces and an upturn by 12% in resources now in the indicated category.
The elevated resource approves the company’s interpretation that Zoroastrian has the prospective to develop into a major open pit and underground gold mine, as stated by Excelsior. Overall measured, indicated and inferred gold resources for the bigger Kalgoorlie North Gold. The position of the project now is at 21.4 million tons at 1.73g/t for 1.19 million contained gold ounces.
The Zoroastrian resource is split into narrower zones of mineralization, less than 150 meters vertical deepness, which are possibly prepared to open pit mining and deeper, greater than 150 meters vertical deepness, mineralization which presents underground mining chances.
The resource latest update contains 44 new reverse circulation drill holes including 38 infill reverse circulation drill holes for 4,848 meters of drilling and only six extensional reverse circulation drill holes for 596 meters. Shallow infill drilling cleared areas of lower grade mineralization within the finest pit shell in areas which were earlier considered to be unfertile.
Outcomes of this drilling program are estimated to be available in late June 2013. Excelsior remains well-funded to carry on exploration at its Kalgoorlie North Gold Project with about A6.26 million in cash at the end of March 2013.