Crescent doubles reserve at key satellite deposit

07 April 2008 | 03:24 Code : 17029 Geoscience events
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One of Australia’s new-age gold producers, Crescent Gold has doubled reserves at...

  One of Australia’s new-age gold producers, Crescent Gold has doubled reserves at a key satellite deposit that is expected to feed into the company’s maiden production schedule.Perth-based Crescent announced that it has significantly increased and upgraded the Mineral Resource estimate for its Craggiemore deposit, located within the company’s Laverton mining project north of Kalgoorlie.The enhanced Mineral Resource, based on data from nearly 760 drill holes, estimates that Craggiemore contains 1.5 million tonnes (M/t) at 1.6 g/t gold for 77,000 ounces of contained gold, using a 0.5 g/t cut-off for combined Measured and Indicated categories. This compares with previously published estimates for Craggiemore of 390,000 tonnes @ 3.0 g/t gold of Inferred Resources for 38,000 ounces.Crescent has defined an additional 0.1 Mt @ 1.6 g/t gold of Inferred Resources where drilling at Craggiemore is more widely spaced.The deposit is about 12km west of Crescent’s flagship Sickle gold deposit at Laverton – the host pit for the company’s start to its maiden open pit mining and production operations earlier this year. Craggiemore and Sickle are lead targets among more than two dozen deposits identified within Crescent’s Laverton gold footprint as potential feed stock for its wholly-owned mill to the north of both locations.

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