28 November 2024 – New Murchison Gold Limited (ASX: NMG) is thrilled to announce an updated Mineral Resource Estimate (MRE) for its flagship Crown Prince Gold Deposit within the Garden Gully Gold Project, located in Western Australia's prolific Murchison gold district.
Key Highlights:
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Mineral Resource Growth: A significant 16% increase in total Mineral Resource to 279,000 ounces at 3.9 g/t Au, up from the February 2024 estimate.
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Improved Confidence: Indicated Mineral Resource has increased by 39% to 226,000 ounces at 4.6 g/t Au, representing 81% of the total resource.
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Near-Surface Mineralisation: Resources are shallow, with gold mineralisation delineated from surface and remaining open at depth, indicating further exploration potential.
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High Yield Per Vertical Metre: Key areas of the conceptual open pit development yield an average of 1,538 ounces of gold per vertical metre between 10 and 150 metres depth.
The updated MRE incorporates results from 21,974 metres of drilling completed in 2024. The Crown Prince Deposit continues to demonstrate its strategic significance, with proximity to existing mining infrastructure and processing facilities.
Alex Passmore, CEO of New Murchison Gold, commented:
"Following a busy year of exploration and development work in 2024, the Company is delighted to report an increased Crown Prince Mineral Resource Estimate from the additional drilling undertaken. With increased drilling density, the understanding of the Crown Prince deposit is at a strong confidence level with 81% of the ounces (i.e., 226,000 oz) now reporting to the Indicated Mineral Resource classification. Pleasingly, the average ounce per vertical metre endowment sits at 1,538 within key areas of our conceptual open pit development. This resource underpins the detailed feasibility study work which is well advanced to confirm the mining, metallurgical, geotechnical, economic, and environmental parameters to develop the Crown Prince Gold Project. Initial economic optimisation modelling of the Crown Prince resource confirms that there is sufficient grade and tonnage to sustain an open pit mining operation."
Gold Price Context
The current gold price of approximately AUD $2,600 per ounce further enhances the robust economic potential of the Crown Prince Deposit, highlighting its significant value to the company's portfolio.
Next Steps
New Murchison Gold is advancing a detailed feasibility study to evaluate mining and processing options and intends to further explore the deposit's depth extensions and untested structural corridors in 2025.
About us:
About New Murchison Gold
New Murchison Gold Limited (ASX:NMG) is a mineral exploration and development company which holds a substantial package of tenements in the prolific Murchison goldfield near Meekatharra, Western Australia.
The Company is focused on the Garden Gully Gold Project which comprises a 677km2 tenure package covering the Abbotts Greenstone Belt and other key regional structures. The project has multiple gold deposits along the belt with the most advanced being the Crown Prince Deposit.
Gold mineralisation in the belt is controlled by major north trending structures and contact zones between felsic and mafic metamorphosed rocks.
Crown Prince Deposit is located within a granted mining lease and is advancing towards development.
Contact details:
Jane Morgan
[email protected]