Snake Well gets fatter for Kalamazoo Resources after upgraded resource
Gold inventory from Kalamazoo Resources’ flagship Snake Well project has grown by 32 per cent thanks to an upgraded mineral resource at its Mixy deposit in Western Australia.
The estimate — prepared by an independent expert — has seen an 85 per cent jump in grade and a 13 per cent jump in tonnages for a total increase in contained metal of 63 per cent.
The total resource now stands at 470,000 tonnes grading at 4.3 per cent for 65,000 ounces at a cut-off grade of 0.5 grams per tonne.
Meanwhile, the updated Mixy resource has boosted gold inventory for Snake Well by 32 per cent to 141,000 ounces.
The company carried out an initial 15-hole drill program at Mixy followed by a review of historical drilling results which led to a more robust interpretation of the Mixy mineralised lode.
The review split the single main lode zone at Minxy into three zones — the Main Zone and two lower-grade zones, Footwall and Hangingwall.
According to Kalamazoo, this improved mineral resource provides options for a larger pit for underground development.
Shares in the stock (ASX:KZR) were unchanged Tuesday at 16c, capitalising the company at around $10 million.