Medoro Resources Ltd. (TSX:MRS) has announced a new CIM compliant mineral resource estimate for its Marmato Project containing 6.6 million ounces of gold in the measured and indicated categories and an additional 3.2 million ounces of gold in the inferred category at a cut off grade of 0.3 g/t.
In addition, there is an estimated 37 million ounces of silver in the measured and indicated categories and a further 22 million ounces of silver in the inferred category. The update was completed by SRK Consulting (UK) Ltd (SRK).
"This updated resource estimate, which only comprises material considered by SRK to have potential to be amenable to open pit mining, further proves that Marmato is a world-class deposit and is an important step forward in the Company's plan to develop a large-scale, bulk-tonnage gold mine" said Serafino Iacono, Interim CEO of Medoro.
The above estimate is based on over 127,500 metres of diamond drilling and cross-cut samples. In addition to 379 historical drill holes, the updated estimate reflects results from 105 drill holes of a definition drilling program planned for 2010/11. A further 60 drill holes have been completed since the cut-off date for this estimate and another 237 drill holes are planned for 2011, the majority of which will be underground drill holes aimed at upgrading inferred mineral resources to the measured and indicated categories.
In addition, SRK has been retained to carry out a Preliminary Economic Assessment, commencing immediately, to look at the various economic considerations related to developing a large-scale open-pit gold-silver operation at Marmato. This study is expected to be released in the first quarter of 2011. A revised mineral resource estimate, incorporating a significant portion of underground drilling results will be released in the following quarter and provide the basis for detailed engineering and development studies.
This resource estimate updates the mineral resource estimate previously disclosed on March 8, 2010. The complete National Instrument 43-101 compliant Technical Report will be filed within 45 days and will available on the company's website and www.sedar.com.
Ben Parsons, Senior Resource Geologist with SRK Consulting (UK) Ltd. prepared the Marmato Project mineral resource estimate. For detailed information on the key assumptions, parameters and methods used to estimate the mineral resources, along with other information about the properties, please refer to the Technical Report.
Source: Medoro Resources Ltd.