Aurizon Reports Updated Resource at Marban
Aurizon Mines (ARZ.TSX, AMEX: AZK) announced an updated mineral resource estimate contain 1.4 million ounces of gold for the Marban deposit, located in the Malartic gold camp of Quebec’s Abitibi Region. The Canadian-based gold producer noted that the estimate integrated the results of all drill programs on the Marban deposit including those for the mineral resource estimate prepared by Mine Development Associates on December 1, 2009. Aurizon next plans to incorporate the results of the second phase of drilling at Marban into its resource estimate.
Aurizon Mines can earn up to a 65% interest the Marban Block property under the terms of an option and joint venture agreement with NioGold Mining Corporation. The initial 50% interest can be earned by incurring expenditures of $20 million over three years, completing an updated NI 43-101 compliant mineral resource estimate, and by making a resource payment for 50% of the total gold ounces defined by the mineral resource estimate. NioGold is the project operator during the initial earn-in period.
Highlights:
* In-pit measured & indicated resources of 1.1 million ounces of gold
* In-pit inferred resources of 194,000 ounces
* Underground measured & indicated resources of 89,000 ounces
* Underground inferred resources of 69,000 ounces
George Paspalas , Aurizon’s President and CEO:
“This resource estimate primarily reflects Phase One drilling on the Marban deposit, and confirms Aurizon’s rationale of entering into the earn-in with Niogold on the Marban property. The continuity of gold mineralization in the first 250 vertical metres has now been confirmed, and the good metallurgy and moderate rock hardness positions the deposit well for potential development.”
Martin Demers , P. Geo., Aurizon’s General Manager of Exploration:
“The Phase One drill program has substantially increased the mineral resource base of the Marban deposit, primarily inside the first 100 metres where the mineralization continuity had to be proven A discovery cost of 5$/ounce proves the quality and the potential of this deposit.”
2012-09-07 08:43:22
Source: http://www.goldalert.com/2012/09/aurizon-reports-updated-resource-at-marban/
Source:
