Seems like our close neighbors AMI Resources have upgraded their resource estimate 167% from 122,863 oz/gold to 327,600 oz/gold. Thats exactly the same model Midlands wants to employ: gradually bump up the resource estimate through step-out drilling until the resource gets up to 5-7M oz 3 years from now.
News from Marketwire
AMI Resources Inc.: Significant Resource Increase and Upgrade for the North Ashanti Project, Ghana
10:53 EDT Monday, May 05, 2008
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 5, 2008) - AMI Resources Inc. (TSX VENTURE:AMU) is pleased to announce the resource estimate for its 100% owned North Ashanti Gold Project in Ghana has increased by 167% from 122,863 ounces to 327,621 ounces.
The estimate has included results from recently completed diamond drilling on the Beposo and Anuoro prospects. This drilling has enabled the resource to be upgraded into the Measured and Indicated categories. Mineralisation at Beposo is hosted in a package of carbonate and sericite altered, Birimian metasediments intruded by a felsic porphyry which lies on the Ashanti Shear Zone between the mines of Konongo and Obuasi. The Anuoro mineralization occurs within a granodiorite intrusive which lies along the contact between Birimian and Tarkwaian metasediments immediately south of the Santreso deposit at Konongo.
The resource estimate was compiled using:
Beposo: 137 drill holes (incl. 19 diamond core holes) with 9,054 sample
intervals.
A block model was created for the Main and South East Zones
separately.
At its deepest portion the block model extends to 213 metres from
surface.
915 specific gravity measurements were collected to give average
Oxide values at 1.865 and Fresh rock values at 2.708
A cut off grade of 0.5 g/t was applied.
Anuoro: 124 drill holes (incl. 2 diamond core holes) with 3,172 sample
intervals.
A wireframe was created for the Anuoro North zone and a polygonal
estimate calculated.
At its deepest portion the wireframe extends to 135 metres from
surface.
291 specific gravity measurements were collected to give average
Oxide values at 1.9 and Fresh rock values at 2.82
A lower cut grade of 0.3 g/t was applied.
North Ashanti Gold Project Resource:
Prospect Classification Tonnage Grade Ounces
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Beposo Measured 3,475,454 1.55 189,407
Beposo Indicated 696,636 1.65 40,528
Anuoro Indicated 2,687,328 1.03 97,686
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TOTAL 6,859,418 1.35 327,621
SEMS Exploration Services Ltd was retained by the Company to conduct a NI 43-101 compliant resource estimate on the North Ashanti Gold Project. The resource estimate was conducted under the supervision of Simon Meadows Smith, IOM3, a Qualified Person within the meaning of National Instrument 43-101. The resource has been reported in accordance with National Instrument 43-101 standards and a 43-101 compliant report will be filed on Sedar within 30 days of this announcement.
