VANCOUVER, Dec. 22, 2017 /CNW/ - Leagold Mining Corporation
(TSX:LMC; OTCQX:LMCNF) ("Leagold" or the "Company") reports an
update of the Bermejal Underground mineral resource estimate
containing Measured and Indicated resources of 10.8 million tonnes
at a grade of 6.0 grams per tonne ("gpt") for 2.07 million ounces,
plus Inferred resources of 4.6 million tonnes at a grade of 4.8 gpt
for 0.70 million ounces (Table 1). The database used for the
updated estimate includes an additional 42 drill holes from the
2017 drill program, as compared to the mineral resource estimate
reported on October 16, 2017. The
majority of the additional drill holes were infill as reflected in
the movement of Inferred resources to Indicated and Measured
classification. The drill program was completed on December 12, 2017 and the results of the final 22
holes will be included in a year-end resource estimate for Bermejal
Underground to be reported in January
2018.
Neil Woodyer, CEO stated: "A
Measured and Indicated mineral resource of 2.1 million ounces
provides a sound basis for preparation of mine design and mineral
reserves. We continue our development program for Bermejal
Underground and the ramp has advanced to 204 metres as of
December 22, 2017."
Table 1: Bermejal Underground Mineral Resource
Estimate1,2,3 by Classification (SRK)
Classification
|
Tonnes
(kt)
|
Au Grade
(gpt)
|
Au Contained
(koz)
|
Ag Grade
(gpt)
|
Ag Contained
(koz)
|
Measured
|
445
|
7.19
|
103
|
24.21
|
346
|
Indicated
|
10,336
|
5.92
|
1,967
|
21.39
|
7,108
|
Measured and
Indicated
|
10,780
|
5.97
|
2.070
|
21.51
|
7,454
|
Inferred
|
4,593
|
4.75
|
701
|
18.33
|
2,707
|
1Effective
date is November 20, 2017
|
2Mineral
Resources are reported using a cut-off grade of 3.0 gpt and do not
include recovery or dilution factors
|
3Tonnages
are rounded to the nearest 1 kt, grades are rounded to two decimal
places; rounding, as required by reporting guidelines,
may result in
apparent summation differences
|
Available data for the resource estimate includes 547 drill
holes totalling 217,911 metres. Drill hole spacing is roughly 35
metres for Indicated resources and less than 25 metres for Measured
resources. The mineral resource was prepared in Datamine using
dynamic anisotropy and ordinary kriging and interpolated into 3
metre x 3 metre x 3 metre blocks and reported at a 3 gpt Au
cut-off. The mineral resource was prepared by Leagold and reviewed
and validated by SRK (Gilles
Arseneau, P.Geo.) as the Independent Qualified Person.
Resources were classified as Measured, if they were within 25
metres of three drill holes. Blocks were classified as Indicated,
if they were within 50 metres of two drill holes. All other blocks
within 100 metres of two drill holes were classified as
Inferred.
The mineralization has been drill tested along approximately
1,600 metres along the strike of the intrusive contact and has a
vertical depth extent of over 800 metres.
Qualified Persons
Gilles Arseneau, Ph.D., P. Geo.,
Associate Consultant with SRK, is an independent Qualified Person
as defined by NI 43-101, and has reviewed and approved the updated
mineral resource estimate as reported in this news release.
Doug Reddy, P.Geo, Leagold's
Senior Vice President – Technical Services, is a Qualified Person
under NI 43-101, and has reviewed and approved the technical
contents of this news release on behalf of Leagold.
Los Filos Mine employs industry standard drilling and sampling
procedures. All exploration samples are sent to an ALS Global
facility in Guadalajara for
preparation and Vancouver for
analyses by fire assay and ICP. A full quality control and
assurance program and protocols are in place and are aligned with
best practices including regular insertion of certified reference
standards, blanks, and duplicates.
About Leagold Mining Corporation
Leagold is building a new mid-tier gold producer with a focus on
opportunities in Latin America.
Leagold is based in Vancouver,
Canada and is listed on the TSX under the trading symbol
"LMC" and trades on the OTCQX market as "LMCNF". The 2017
acquisition of the Los Filos Mine, a low-cost gold producer in
Mexico, provides an excellent
platform for growth.
This news release contains "forward-looking statements" and
"forward looking information" (as defined under applicable
securities laws), including but not limited to plans for future
development of the Los Filos Mine. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "expects", "expected", "budgeted", "forecasts"
and "anticipates". Forward-looking statements and information,
while based on management's best estimates and assumptions, are
subject to risks and uncertainties that may cause actual results to
be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks
related to the Los Filos Mine, risks related to the successful
integration of the acquisition; risks related to international
operations; risks related to general economic conditions and credit
availability, actual results of current exploration activities,
unanticipated reclamation expenses; changes in project parameters
as plans continue to be refined; fluctuations in prices of metals
including gold; fluctuations in foreign currency exchange rates,
increases in market prices of mining consumables, possible
variations in ore reserves, grade or recovery rates; failure of
plant, equipment or processes to operate as anticipated; accidents,
labour disputes, title disputes, claims and limitations on
insurance coverage and other risks of the mining industry; delays
in the completion of development or construction activities,
changes in national and local government regulation of mining
operations, tax rules and regulations, and political and economic
developments in countries in which Leagold operates. Although
Leagold has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. The forward-looking statements and
forward-looking information are made as of the date hereof and
Leagold disclaims any obligation to update any such factors or to
publicly announce the result of any revisions to any of the
forward-looking statements or forward-looking information contained
herein to reflect future results. Accordingly, readers should not
place undue reliance on forward-looking statements and information.
Please refer to Leagold's most recent filings under its profile at
www.sedar.com for further information respecting the risks
affecting Leagold and its business.
SOURCE Leagold Mining Corporation