BRITISH COLUMBIA – Margaux Resources released a maiden resource estimate for the Taurus deposit on its Cassiar gold project about 100 km northwest of Dease Lake.
Taurus contains inferred resources of 21.8 million tonnes grading 1.43 g/t gold for 1 million contained oz. of gold. The resource estimate is based on results from 423 drill holes and uses a cut-off grade of 0.7 g/t.
Tyler Rice, president and CEO of Margaux, says the Taurus resource estimate confirms the potential for a significant bulk tonnage deposit. The company says it will continue evaluating the Cassiar project in preparation for a 2020 exploration program.
The 560 km2 advanced-stage orogenic gold project comprises two main assets – Taurus and Table Mountain.
Gold mineralization on the Cassiar gold project occurs along a 15-km structural corridor. Within the corridor, gold occurs both as discrete high grade veins and as near surface, low grade mineralization.
Past production on the Cassiar property from primarily underground mines, held by different operators, yielded 920,000 tonnes at an average grade of 11.9 g/t gold for a total of 350,000 oz. of gold between 1979 and 1997.
The company says limited drilling has been done on the known, high grade gold showings at Cassiar.
In June 2019, Wildsky’s shareholders approved the sale of its 100% interest in the Cassiar property through an option agreement with Margaux.
Apart from Cassiar, Margaux’s other gold project is Sheep Creek in southern B.C., within 6 km of Highway 3.
At press time, Margaux’s shares were trading at 9.5¢ with a 52-week trading range of 2.5¢ to 15¢. The company has 92.8 million common shares outstanding for an $8.8-million market capitalization.
This story originally appeared on www.NorthernMiner.com.