Lexam VG estimates M+I resources at one MM oz Au
2012-09-20 09:27 ET - News Release
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Mr. Stefan Spears reports
LEXAM VG INCREASES GOLD RESOURCES
Lexam VG Gold Inc. has increased its total gold resources due to an updated resource estimate for its Buffalo Ankerite project in Timmins, Ontario. Total NI 43-101 gold resources have increased by 44% in the Measured + Indicated category to 1 million ounces and by 20% in the Inferred category to 850,000 ounces.
Lexam VG Gold's four exploration Projects, Buffalo Ankerite, Davidson Tisdale, Fuller and Paymaster, each have a NI 43-101 resource estimate. The table below shows the growth of Lexam's resources since the last update in January 2011 due to the updated resource estimate for Buffalo Ankerite.
Table 1. Comparison of Total Gold Resources at January 2011 and at September 2012
-------------------------------------------------- January 2011 September 2012 Tonnage Grade Gold Tonnage Grade Gold (M tonnes) (gpt) (oz) (M tonnes) (gpt) (oz) Change -------------------------------------------------- Measured + Indicated Resources Fuller 1.3 5.49 236,245 Unchanged - Davidson Tisdale 0.8 4.75 129,442 Unchanged - Paymaster 1.9 1.82 113,449 Unchanged - Buffalo Ankerite 1.5 4.63 224,309 4.5 3.70 531,671 +137% -------------------------------------------------- Total Measured + Indicated: 703,445 1,010,807 +44% -------------------------------------------------- -------------------------------------------------- Inferred Resources Fuller 1.6 5.66 299,960 Unchanged - Davidson Tisdale 0.3 4.66 40,199 Unchanged - Paymaster 1.7 1.72 92,642 Unchanged - Buffalo Ankerite 2.0 4.35 274,632 3.5 3.70 417,032 +52% -------------------------------------------------- Total Inferred: 707,433 849,833 +20% -------------------------------------------------- (See Note 1 at the end of this news release) In this press release the following abbreviations are used: opt = ounce per ton; gpt = gram per tonne, Au = gold; oz = ounce; ft = foot; m = metre; M = million. The following definitions apply: 1 tonne = 1,000 kilograms = 2,205 pounds; cut-off grade = the grade value that distinguishes ore from waste, where material which has a grade below the cut-off grade is classified as waste and material with a grade equal to or greater than the cut-off grade is classified as ore. |