Galantas updates Andacollo Oro mineral resource estimate in Chile
TSX-V- and Aim-listed Galantas Gold Corporation finds in an updated mineral resource estimate (MRE) for the Andacollo Oro gold project, in Chile, indicated resources of 102-million tonnes grading 0.45 g/t and inferred resources of 347-million tonnes grading 0.41 g/t.
The project is believed to contain 1.47-million and 4.45-million ounces, respectively, according to the indicated and inferred categorisation.
In comparison, a historical MRE for the project estimated measured and indicated mineral resources to be an aggregate of 2.02-million ounces of gold, consisting of 130-million tonnes grading 0.48 g/t gold (measured) and 358-million tonnes grading 0.45 g/t gold (inferred).
Notably, inferred mineral resources are exclusive of measured and indicated mineral resources.
Galantas on January 6 entered into a share purchase agreement to acquire a 100% ownership interest in the project, which is based in the Coquimbo region of central Chile.
The project is a past-producing, large-scale openpit heap leach gold operation with existing infrastructure, permits and extensive historical technical data.
Existing site infrastructure and local environment approvals provide a strong platform for future engineering, permitting and restart-readiness studies.
Galantas CEO Mario Stifano sys the updated MRE is an important milestone for Galantas and confirms Andacollo as a substantial brownfield gold project with scale, a long operating history and meaningful exploration and development upside.
“The large and robust resource under multiple gold price scenarios provides for a long-life asset while also demonstrating potential to significantly expand future production scenarios. There is significant exploration potential to expand the gold resource and for the discovery of significant copper resources at Andacollo, including potential extensions of adjacent porphyry copper mineralization,” Stifano concludes.
