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Wednesday, 21st May 2008 (1376 views)

Exploration company US Gold has increased the mineral resource estimate for the Tonkin project in Nevada by 24 per cent, it has been announced.

The company confirmed that gold resources for the site are now put at 1.75 million ounces of gold with an average grade of 1.35 g/t gold. This is up from the previous estimate of 1.41 million ounces of gold graded at 1.47 g/t gold.

Measured and indicated resources account for over 1.44 million ounces of the total, with average gold values put at 1.40 g/t gold.

Inferred resources are estimated at 311,000 ounces of gold with an average value of 1.13 g/t gold.

US Gold said Tonkin has "significant potential to grow in size" and it plans to resume exploration drilling at the site, along with the nearby properties of Gold Bar and Limo.

Taken together, the Tonkin and Gold Bar properties cover 170 square miles within the Cortez Trend gold system, an area whose past production, current reserves and estimated resources totals 33 million ounces of the precious metal.

 

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