GNM completes maiden MRE for Nevada goldsilver project
ASX-listed Great Northern Minerals (GNM) has completed an inferred gold and silver mineral resource estimate (MRE) at its Iron Butte gold/silver project, in Nevada, in the US.
The company says the project is a well-defined, epithermal system with a significant portion of near-surface oxide material with similarities to many operating gold/silver mines in the state.
The MRE for the Iron Butte project was completed by ERM Australia Consultants and is reported in accordance with the Joint Ore Reserves Committee- (Jorc-) Code.
The MRE includes 37.85-million tonnes at 0.4 g/t gold and 6 g/t silver for 480 000 oz gold and 6.7-million ounces of silver and an additional silver resource of 19.25-million tonnes at 8 g/t silver for 4.8-million ounces of silver.
GNM says the maiden MRE is a major milestone that demonstrates tonnages and grades aligned with many bulk-tonnage heap-leach extraction gold/silver deposits with significant near-surface oxide in northern Nevada, such as the Marigold deposit, owned by SSR Mining; the Phoenix Mine, owned by Nevada Gold Mines; and Florida Canyon, owned by Integra Resources.
The company says the deposit remains open along strike in all directions and at depth and that there are other nearby targets that GNM intend to test, highlighting the potential for future exploration success.
GNM notes that Iron Butte is now among one of the larger undeveloped gold/silver deposits in Nevada and is well located within the world-class Battle Mountain Mining District, one of Nevada’s most prolific and well-endowed gold corridors.
GNM views this MRE as the foundation for ongoing exploration at Iron Butte and remains
committed to growing its size, scale and confidence with the aim to facilitate a pathway through to potential mine development and commercial operation.
Previous drilling results of 1.5 m at 13.5 g/t gold, 11.5 g/t silver from 405.4 m within 13.7 m at 1.5 g/t gold, 3.0 g/t silver from 397.8 m, highlighting significant upside potential for Carlin style gold and silver mineralisation beneath the current Iron Butte MRE.
Buoyed by the results of this initial maiden Jorc mineral resource, GNM has now started workstreams relating to the next drilling programme.
The company says the geophysical reinterpretation of the expanded project area is well advanced, with priority drill targets expected to be defined imminently ahead of permitting and GNM’s maiden drill programme.
Planning and permitting activities have begun and GNM is targeting the start of the maiden drilling programme in the third quarter of this calendar year.
The company notes that drill targets will aim for additional resource growth through drilling along strike and at depth and testing other targets in the region.
The company says it currently has $3.9-million in cash and is fully funded for the next drilling programme.
“Delivering the maiden Jorc MRE at Iron Butte is a defining milestone for GNM and marks the completion of a major step for the project,” says nonexecutive chairperson Eddie King.
He reiterates that the MRE validates the development potential of Iron Butte and establishes the project as a credible gold/silver project within one of the world's premier mining jurisdictions.
“With geophysics well advanced, we are well-positioned to pursue meaningful resource growth through our upcoming maiden drilling campaign.
“We have available cash on hand and look forward to carrying out the next exploration programme, which will be focused on expanding the resource, with multiple exploration targets already identified which will be underpin our upcoming drilling campaign.”
