The inferred resource is in addition to the measured and indicated resource. $1,800 Pit Constrained - 0.25 g/t gold cutoff Updated Resource Estimate summarized in the table below * * With an effective date of 13 June 2022 and based on the drilling results as of Īnd with gold equivalent based on US$1,800/oz gold and US$25/oz silver. Mineral Resource Estimate in oz gold equivalent * I believe Gold Springs will get more and more attention from major mining companies as the resource continues to grow." The size of the Gold Springs Project, the important number of gold targets, the technical data available so far, the water rights, and its location in one of the best mining jurisdictions in the world, are strong indicators that GRC has a large gold project with a significant growth potential. As the resources are near the surface, they could be mined by shallow open pit and a technically simple heap-leach operation. Only by visiting the area, one can realize the magnitude of our project, which covers approximately 8,000 ha and includes not 1 or 2 targets, but 33 high-potential gold targets, 6 of which already host a resource estimate of 1,005,003 M&I oz and 144,379 inferred oz of gold equivalent open to expansion and covering only 15% of the property.
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"This resource update confirms that Gold Springs has significant potential to expand its resources, as in 2021 we added two new ones (Charlie Ross and White Point) and substantially increased the total number of ounces. Randall Moore, Executive Vice President of Exploration, stated:
Our goal is to reach within the next 2 years the 3 rd milestone and complete the mine permitting process". Our team is now focused on the 2022 drilling program to reach the 2 nd milestone, as we have planned a new resource update and PEA for the end of the year. "Today with a resource estimate of 1 million oz gold equivalent, we have reached the 1 st important milestone of our Company's objective to rapidly expand our gold resource.
Gold equivalent based on US$1,800/oz gold and US$25/oz silver.Īntonio Canton, President and CEO, stated: (TSX:GRC)(OTCQB:GRCAF) (the "Company" or "GRC") releases a significant updated mineral resource estimate for its Gold Springs Project, taking into consideration all the 2021 drilling results at North and South Jumbo, Tremor, Charlie Ross, and White Point.
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