Junior miner Orefinders Resources has filed an NI 43-101 resource estimate after identifying an inferred resource at its Mirado project in Kirkland Lake.
Mirado consists of 12 patented claims, which were acquired from Jubilee Gold Exploration in September.
The inferred resource of 10,618,000 tonnes, with an average grade of 1.29 grams per tonne, is spread throughout the open pit, underground and three stockpiles, with contained gold totalling 442,000 ounces.
Results of a 40-hole drill program showed 19.2 metres of uncut mineralization graded 4.77 grams per tonne, including 5.9 metres at 27.7 g/t. Drilling also found 31.5 metres at 10.9 g/t, including six metres at 52.2 g/t.
The remaining four holes, three of which are close to historical workings, returned grades between 1.15 g/t and 70 g/t, including one intercept of 19.3 metres, including 4.8 metres at 2.91 g/t and 28.5 metres, including four metres at 2.23 g/t.
President Bill Yeomans said there is more exploration work to be done on the deposit.
“In 2013, Orefinders has outlined the largest mineral resource reported to date in the 100-year history of exploration at Mirado,” he said in a news release. “Our modest first-year 12,060-metre drill program was completed in seven months with 40 diamond drill holes. We successfully outlined 442,000 ounces at a discovery cost of less than CDN$5 per ounce. During this time, Orefinders tripled its land position at the Mirado project to over 3,440 acres.”