KORE Mining Ltd. (KORE:TSX.V; KOREF:OTCQB) filed a mineral resource estimate update on its Imperial oxide gold project in California, it announced in a news release.
Prepared by SRK Consulting, the report outlines current resources of an estimated 877,000 ounces in the Indicated category, from 45.7 million tons of 0.59 grams per ton gold, and 1,336,000 Inferred ounces, from 90.9 Mt of 0.46 grams per ton gold. The category amounts, the tons and the grades are similar to those delineated in the 2012 resource estimate.
The updated estimate encompasses the results of 349 bore holes drilled by various operators between 1987 and 1996. "The authors of the resource estimate considered that the blocks located within the conceptual pit envelope show 'reasonable prospects for economic extraction' and can be reported as a mineral resource," the release noted.
As for the near-surface Imperial deposit on KORE's 28 kilometer trend, it remains open along strike, at depth and downdip. "KORE is fortunate to have an intact unmined resource to 'tune' geophysics and other exploration tools to the signatures of deposits on this trend," according to the release.
The company is now carrying out various fieldwork to get a better idea of the upside potential at Imperial. Results of these efforts are anticipated early this year, the company stated.
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