ONTARIO – First Mining Gold has updated the resource estimate at its Goldlund gold project in the northwestern region of the province. The company added 248,700 oz. of gold to its indicated resource but lost 628,400 oz. of gold from its inferred resource.
The project now contains 12.8 million indicated tonnes grading 1.96 g/t gold for 809,200 oz. of gold. It previously contained 9.3 million indicated tonnes at 1.87 g/t gold for 560,497 oz. of gold.
It also contains 18.3 million inferred tonnes grading 1.49 g/t gold for 876,954 oz. of gold. It previously contained 40 million inferred tonnes at 1.33 g/t gold for 1.75 million oz. of gold.
First Mining updated two of the project’s seven zones with results from its 40,000-metre, 2018 infill drill program.
In the indicated category, the company reduced tonnage in zone 1 but improved grade and added ounces. The zone now contains 4.8 million indicated tonnes at 2.16 g/t gold for 330,150 oz. of gold. The previous estimate contained 5.5 million indicated tonnes at 1.65 g/t gold for 292,197 oz. of gold.
It also tabled zone 7’s first indicated resource. The zone now contains 4.1 million indicated tonnes at 1.58 g/t gold for 210,753 oz. of gold.
First Mining shares are trading at 39¢ in a 52-week range of 21¢ to 55¢. The company has a $217-million market capitalization.
This story first appeared on www.NorthernMiner.com.