Primary Gold reports 72pc boost to Mt Bundy gold deposit
Primary Gold gained yesterday after announcing a 72 per cent boost in a gold deposit at its Mount Bundy project in the Northern Territory.
The Rustlers Roost deposit at Mount Bundy now boasts 49.6 million tonnes at 0.84 grams of gold per tonne for 1.3 million ounces.
The resource includes 36.6 million tonnes at 0.87 g/t for 1 million ounces in the “indicated” category and 13 million tonnes of gold at 0.73 g/t for 304,000 ounces in the “inferred” category.
Mineral resources are categorised in order of increasing geological confidence as inferred, indicated or measured.
The total gold resource at Mt Bundy is now 1.8 million ounces.
The stock (ASX:PGO) finished yesterday 2 per cent higher at 5c.
“This increase is central to the pre-feasibility study which is underway and due for completion in first half 2018, by which stage we intend to be a gold producer at our Coolgardie project,” Primary Gold managing director Garry Mills said.
The boost followed a recent drill program at Rustlers Roost — the first drill program there in more than 20 years.
Rustlers Roost remains open along strike and depth, with further exploration planned at the end of the wet season in 2018.
Primary Gold has a market cap of about $31 million.