Castillian Resources, a Canadian mineral exploration company, announced that it has filed a NI 43-101 compliant technical report on the preliminary mineral resource estimate for the Hope Brook Gold Project located in southwest Newfoundland.
Mercator Geological Services and AGP Mining Consultants had prepared the technical report titled "Mineral Resource Estimate Technical Report, Hope Brook Gold Project, Newfoundland and Labrador, Canada". This report can be viewed at the company’s website or under the company's profile on SEDAR.
Castillian Resources’ President and CEO, Dr. Bill Pearson said that the set up of a NI 43-101 mineral resource estimate is critical in developing the Hope Brook Gold Project. This mineral resource estimate has been defined in 16 months at minimum discovery cost. The company plans to continue the program proposed in the technical teapot. Pearson added that at the Hope Brook Gold Project, reconnaissance drilling has already been started for 2012, and the 5,000 m diamond drill campaign will focus on discovering potential extensions to current mineral resources as well as examining fresh targets, particularly to the SW and NE of the main resource region.
The NI 43-101 compliant mineral resources on the Hope Brook Gold Project are expected to include 740,000 inferred ounces of gold and 290,000 indicated ounces of gold. In the mineral resource estimate, a potential copper credit has not been included because of missing copper assays for the prior drill holes.
The technical report has made various suggestions for additional work at the Hope Brook Gold Project. They include:
- 5,000 m of diamond drilling to analyze prospective new zones and key extensions.
- 20,000 m of diamond drilling to upgrade prospective mineral resources to Inferred status in the region within an open pit.
- Preliminary geotechnical, acid base accounting, metallurgical testing, environmental studies, and comprehensive systematic sampling of the tailings deposits to evaluate gold grades.
- A regional reconnaissance campaign to evaluate current prospects and to expand fresh targets in the property.
- Conclusion of a Preliminary Economic Assessment level study to find out the deposit’s economic potential.