Significant increase in gold resources at Indee
Range River Gold Ltd announced a revised JORC compliant resource estimate of 451,000 contained gold ounces at the Indee Gold Project in Western Australia.Based on a resource model and associated data prepared by range River Gold Ltd, Snowden Mining Industry Consultants (in a Preliminary Estimates report) have provided a total resource estimate for Camel1 and Withnell of 322,000 ounces at a 1 g/t Au cut off, all within the Indicated resource category.Ongoing work by Snowden is expected to result in the confidence level of the resource being upgraded, with categorisation to Measured and Indicated status, and incorporation of the yet to be estimated areas of the resource. The remainder of the new total global resource ounce estimate outside of Camel1 and Withnell comprises previously calculated estimates for five other resource areas.This revised resource estimate includes the results of the recent drilling program at Camel1 and Withnell. Overall, the new project resource base of 451,000 ounces supports the Joint Venture’s belief that the Mallina Shear Zone is highly mineralised and likely to yield significant further gold resources in the future.The only significant drilling to date along the Mallina Shear Zone within the Joint Venture’s Indee Gold Project lies in a 8km zone, whereas the Mallina Shear Zone is interpreted to run for some 80km through the property.The Withnell orebody is still open at depth and to the west and to the south, and the Camel1 orebody is still open to the west and at depth. A further RC drill program is expected to commence in September to better define and upgrade the resource base in the oxide zone as a precursor to detailed mine planning. The results will be included in the Feasibility Study Resources/Reserves Statement.Subject to the satisfactory completion of the Feasibility Study around the end of the year, lending arrangements and then mill construction will progress during the first half of 2005.