2006 RESOURCE ESTIMATE
posted on
Jul 11, 2009 12:59PM
A junior gold exploration company
Resources at 0.5 g/t Au Cut-off for the Ramp Area SUMMARY RAMP AREA MODEL RESOURCES – GOLDBORO PROJECT Category Tonnes Grade (g/t Au) Contained ounces Measured 481,000 3.40 52,600 Indicated 2,624,000 2.17 183,400 Measured+Indicated 3,105,000 2.36 235,800 Inferred (2,624,000)* 1.23 103,500** * The inferred tonnes are not additional tonnes to the Measured & Indicated tonnes **Only the contained ounces of gold are additionally inferred. The geological continuity and the grades are well defined by the 182 drill holes including 112 underground holes in closely spaced section ring drilled patterns, 175 metres of underground drifting along strike (70 metres below surface), and 17 bulk composite metallurgical test samples within the mineralized zone. The definition of Measured and Indicated Resources is in compliance with the CIM Definitions and Standards on Mineral Resources and Mineral Reserves, December 11, 2005. Based on the geological continuity and grade of the gold mineralization in the ramp area, the authors believe an excellent potential exists to convert a significant portion of the indicated resource within the ramp model area to a measured resource by completing additional drilling to acquire samples from the zones for metallurgical grade determinations of composite samples within the respective mineralized zones. Significant indicated resource tonnage could be added by in-fill drilling from 100-200 metres below surface as well as along strike in both directions from the ramp model area. The additional in-fill drilling along strike is required to better correlate existing widely spaced intersections along strike for each of the mineralized zones. Down-dip resources are currently limited by the lack of drilling at depth to extend these zones. A two phase diamond drill program is recommended to: •
Upgrade the Indicated Resources within the ramp area to the Measured category;
•
Upgrade Inferred Resources over a 1 kilometre total strike length to the Indicated
category;
•
Test for extensions to the mineralized zones over a 2.5 kilometre strike length;
•
Add Inferred Resources from the 2.5 kilometre strike length.