(via TheNewswire)
Doc Property Highlights:
The Inferred MRE contains 114,000 ounces of gold and 488,000 ounces of silver, or 120,000 ounces of gold equivalent.
The MRE exhibits excellent continuity through a wide range of AuEq cut-off grades up to 10 g/t AuEq with a likely elevated working cut-off at 7 g/t AuEq yielding a grade of 15.87 g/t AuEq
Previous geophysical work identified parallel vein structures giving the MRE excellent upside future potential (see Company websitewww.hanstonegold.com/doc-1)
Andre J Douchane, Executive Chairman commented: “These results are very exciting for our team. The initial results give Hanstone an excellent base on which to build, with the MRE expected to becommercial under certain circumstances. In addition, the MRE has an excellent potential to increase in size. The surrounding infrastructure is expanding closer, with the road to the north now only a few kilometres from the
Further,
Underground Inferred Mineral Resource Estimate(1-10)
Cut-Off AuEq g/t | Tonnes k | Au g/t | Ag g/t | AuEq g/t | Au koz | Ag koz | AuEq koz |
3.0 | 389 | 9.13 | 39.0 | 9.62 | 114.2 | 487.9 | 120.3 |
Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation,socio political, marketing, or other relevant issues.
The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration, however there is no certainty an upgrade to the Inferred Mineral Resource would occur or what proportion would be upgraded to an Indicated Mineral Resource.
The Mineral Resources in this estimate were calculated using theCanadian Institute of Mining , Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines (2014) prepared by theCIM Standing Committee on Reserve Definitions and adopted byCIM Council and CIM Best Practices Guidelines (2019).The following parameters were used to derive the AuEq g/t value used to define the Mineral Resource:
February 2024 Consensus Economics long term forecast metal prices of AuUS$1,850 /oz and AgUS$23.50 /oz.Exchange rate of
US$0.75 =C$1.00 .Process recoveries of Au 95% and Ag 90%.
AuEq = Au g/t + (Ag g/t/80).
The 3.0 g/t AuEq underground cut-off was derived from
C$140 /t mining,C$60 /t processing andC$25 /t GA.Totals may not sum due to rounding.
Underground Inferred Mineral Resource Estimate Sensitivty(1-10)
Cut-Off AuEq g/t | Tonnes k | Au g/t | Ag g/t | AuEq g/t | Au koz | Ag koz | AuEq koz |
10 | 97 | 20.61 | 89.7 | 21.73 | 64.0 | 278.8 | 67.5 |
9 | 120 | 18.35 | 79.9 | 19.35 | 70.8 | 308.3 | 74.7 |
8 | 143 | 16.67 | 72.8 | 17.58 | 76.8 | 335.3 | 81.0 |
7 | 172 | 15.06 | 65.2 | 15.87 | 83.5 | 361.8 | 88.0 |
6 | 217 | 13.26 | 56.5 | 13.97 | 92.4 | 393.6 | 97.3 |
5 | 252 | 12.14 | 51.5 | 12.78 | 98.3 | 417.0 | 103.5 |
4 | 294 | 11.01 | 46.9 | 11.60 | 104.0 | 442.6 | 109.5 |
3 | 389 | 9.13 | 39.0 | 9.62 | 114.2 | 487.9 | 120.3 |
2 | 466 | 8.02 | 34.4 | 8.45 | 120.1 | 516.1 | 126.5 |
Three mineralized wireframes were developed in LeapfrogTMwith a 1.5m minimum width and a maximum 75m projection distance from the nearest drill hole intercept. Wireframe constrained assays were composited to 1.0 m lengths and capped at 100 g/t for Au and 400 g/t Ag. A block model with 2.0m x 1.0m x 2.0m blocks was established and subsequent inverse distance cubed grade estimation undertaken. Bulk density averaging 2.64 t/m3was determined from 32 site visit samples. A cut-off value of 3.0 g/t AuEq was used to quantify the Mineral Resource Estimate and has a reasonable prospect of eventual economic extraction.
An NI 43-101 Technical Report will be filed on SEDAR+ within 45 days of this news release.
About the
About
Hanstone is a precious and base metals explorer with its current focus on the Doc and Snip North Projects optimally located in the heart of the prolific mineralized area of
For Further Information Contact:
+1-(778)-896-7778, ray.marks@hanstonegold.com
Or visit the Company’s website atwww.hanstonegold.com
Forward Looking Statements Disclaimer
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events, or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified using words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about Hanstone’s business and the industry and markets in which it operates and will operate. Forward-looking information and statements are made based upon numerous assumptions, including among others, the results of planned exploration activities are as anticipated, the price of gold, the cost of planned exploration activities, that financing will be available if needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct Hanstone’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate. Neither
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