Two years of drilling by Premier Gold has resulted in a whopping increase in the company's resource base at its Hardrock project, near Greenstone.
The Thunder Bay explorer reports a 269 per cent increase in its measured and indicated resource to 2.5 million ounces, including a 164 per cent increase in inferred resources to 1.1 million ounces.
In an April 6 statement, president and CEO Ewan Downie attributes the improved estimate to great teamwork during an aggressive 24-months of drilling.
“This resource estimate is in line with our goal of developing a signficant deposit, potentially capable of mid-tier gold production.”
Downie said there are eight drills turning on its property with several zones open to expand the resource. The company has plans for more than 70,000 metres of driling this year to upgrade the resource and do some regional exploration.
Meanwhile, Rubicon Minerals said it expects to announce the results of a preliminary economic assessment at its Phoenix Gold Project in Red Lake sometime in the second quarter of this year. The company has a 40,000-metre drill program underway in its F2 gold system.
The Toronto junior is conducting delineation drilling and has taken two bulk samples of more than 2,000 tonnes to determine the recoverable gold content.
Rubicon is making plans with Hydro One to hook up power to their site and expects to refile a closure plan by mid-year to accommodate consultations with area First Nations.
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