Resource Estimate Doubled to 2.45M oz Gold Equivalent
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Steppe Gold is pleased to announce an updated independent Mineral Resource Estimate at its 100% owned ATO Gold Mine. This estimate will form the basis of the upcoming bankable feasibility study ("BFS") due out in Q2 2021.
Bataa Tumur-Ochir, our President and CEO, commented, "We are very pleased to report on the significant update of the resources at our 100% owned ATO Gold Mine. Our drilling efforts since 2018 have clearly demonstrated the great promise shown for this project and the potential we saw at the outset. With production commenced in April 2020, we have proven the low cost profile of the ATO Gold Mine with market low cash costs below $600/oz. This dramatic increase in the ATO resource further underpins the long life attributes of the project. Internal studies and our drilling analysis have long supported the growth potential of ATO Gold Mine and sampling during mining has also shown strong positive grade reconciliations. This resource update validates this.
The new Resource supports our Phase 2 expansion Project and shows ample resources for a circa 2.5 Mt per annum fresh ore development. The Bankable Feasibility Study remains on schedule to be released Q2 2021 and we are optimistic that this study will bear out a robust economic result and a further 10 plus years of production at 150k oz Au Eq with a focus on the fresh rock ores."
HIGHLIGHTS
Resources at the ATO Gold Mine have doubled to 2.45 M oz of Au Eq, up from 1.22M oz Au Eq
Increased ATO Measured and Indicated Resources ("M&I") to 41.6 Mt at average Au Eq grade of 1.67g/t
M&I resources have increased to 2.24 Moz of Au Eq, using a cut-off grade of 0.15g/t for oxide and 0.4g/t Au Eq for fresh rock ores
M&I resources show 1.39 M oz gold and 20.48M oz silver
Inferred Resources at ATO of 208,000 oz Au Eq.
Increase in the M&I resource is due primarily to significant expansion through drilling at the ATO 4 Deposit and incorporation of a maiden resource at the Mungu DepositIncrease in average grade across the resource to 1.67g/t Au Eq
The ATO 4 Deposit, where mining has recently commenced, shows M&I resource of 15.68 Mt at 1.62g/t for total 819,000 oz Au Eq
The maiden resource at the Mungu discovery shows M&I resource of 7.57 Mt at 1.74g/t for 424,000oz Au Eq
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