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Be the first with the news that moves the market- Fiore Gold (TSXV:F) has released the latest results from its ongoing drill program at the Pan Mine in Nevada
- Notably, the company intersected 0.74 grams per tonne of gold across 74.7 metres and 2.60 grams per tonne of gold over 15.2 metres
- The company hopes to expand the site’s known mineral resource surrounding the North Pan and South Pan pits, thereby extending the mine’s life
- In 2018 the company previously estimated the site contained 318,000 gold ounces at an average grade of 0.51 grams per tonne
- Fiore Gold (F) is up 4.88 per cent, with shares trading for C$0.86 and a market cap of $80.4 million
Fiore Gold (TSXV:F) has released the latest results from its ongoing drill program at the Pan Mine in Nevada.
Notably, the company intersected 0.74 grams per tonne of gold across 74.7 metres and 2.60 grams per tonne of gold over 15.2 metres.
The drill program aims to expand the known resource at the Pan Mine and subsequently extend its operational life. Drilling focused around the North Pan and South Pan open pits, as well as two smaller pits named Syncline and Black Stallion.
The company hope to expand these pits downward and outward beyond their current boundaries.
The previous reserve estimate for the site, from 2018, outlined 318,000 gold ounces at an average grade of 0.51 grams per tonne.
Tim Warman, Fiore’s CEO, is pleased with the results and is confident the site’s reserves can be successfully expanded.
“This latest drilling program has returned some excellent results and demonstrates that near-surface oxide gold mineralization extends considerably beyond the current reserve.
“Detailed mapping of the North Pit has identified subtle but important northwest- southeast cross-structures that appear to localize higher grade mineralization, and the current drilling program has been successful in targeting these structures well beyond the pit margins,” he said.
Tim went on to say that the company will use late April as the cut-off date to develop a new reserve update. The company also plans to release an updated mine plan sometime in the second half of the year.
The Pan mine expansion is part of the company’s aim to become a 150,000 ounce per year gold producer. The plan also involves advancing the nearby Gold Rock project as well as acquiring new producing or near production mining assets.
Fiore Gold (F) is up 4.88 per cent, with shares trading for C$0.86 at 10:45am EDT.
