TriStar Gold Continues to Expand Resources at Castelo de Sonhos
December 04 2017 - 10:00AM
TriStar Gold Inc. (TSXV:TSG) (the “Company”
or “TriStar”) has completed an updated mineral resource estimate
for the Castelo de Sonhos gold project using all available data,
including assays from the 37 drill holes that were not available
for the September 18, 2017 resource estimation. Key highlights are:
- Mineral resource (0.4 g/t cut-off) of
• Indicated • 8.9
million tonnes,
• at 1.8 g/t,
• containing 0.5 million ounces of
gold
• Inferred
• 26.3 million tonnes,
• at 1.2
g/t,
• containing 1.0 million ounces of
gold
- Substantial amounts of Esperança Central and South still
untested
- Esperança East and West will be drill tested in 2018
A figure accompanying this announcement is available
at http://www.globenewswire.com/NewsRoom/AttachmentNg/8b2f60cc-9387-449e-9bdd-214115c7c16d
“The resource is growing as anticipated and
continues to validate the predictions of the exploration target
range. We look forward to drilling in 2018 aimed at further
expanding the resource and supplying all the data necessary for the
scoping study,” says Nick Appleyard, TriStar’s President and CEO,
“CDS continues to deliver and the resource has grown by over 400%
in the last 18 months, and now our confidence levels are growing as
well. We are particularly pleased with the strong grade of
the Indicated resources, at 1.8 g/t, which is due to our ability to
use petrophysics and televiewer to identify marker horizons that
establish continuity between our 50m drill holes.”
Table 1. Mineral resource
estimate1 for the Castelo de Sonhos gold project (with an effective
date of December 4, 2017) above a reporting cutoff 2 of 0.4 g/t
Au.
Region |
|
Resource Category |
|
Tonnage(Mt) |
|
Grade(g/t Au) |
|
Metal Content3(Moz Au) |
Esperança South |
|
Indicated |
|
8.9 |
|
1.8 |
|
0.5 |
|
Inferred |
|
14.9 |
|
1.2 |
|
0.6 |
Esperança Center |
|
Indicated |
|
0 |
|
0 |
|
0 |
|
Inferred |
|
11.3 |
|
1.0 |
|
0.4 |
Project Total |
|
Indicated |
|
8.9 |
|
1.8 |
|
0.5 |
|
Inferred |
|
26.2 |
|
1.2 |
|
1.0 |
1Numbers
have been rounded to reflect the precision of Inferred and
Indicated mineral resource estimates.2The reporting cutoff
corresponds to the approximate marginal cutoff for an open pit with
total operating cost (non-waste mining + processing + G&A) of
$US 15.00/t, metallurgical recovery of 98% and a gold price of $US
1,200/oz. These are mineral resources and not reserves and as
such do not have demonstrated economic viability. 3The metal
content estimates reflect gold in situ, and do not include factors
such as external dilution, mining losses and process recovery
losses. 4TriStar is not aware of any environmental, permitting,
legal, title, taxation, socio-economic, marketing or political
factors that might materially affect these mineral resource
estimates.5TriStar intends to file a new NI 43-101 technical report
within 45 days in support of this new mineral resource
estimate. |
Resource estimation method
The resource is constrained by a mineralized
envelope that corresponds to the conglomeratic band of the
paleo-placer, honouring its outcrop location and surface
measurements of its bedding orientations, and extending into the
upper arenite where drilling has confirmed that the base of the
upper arenite contains remobilized gold. All drill hole assays were
capped at 20 g/t.
This resource update was done using
inverse-distance-cubed (ID3) interpolation of grades from drill
holes into 5x5x2m blocks. The search strategy, guided by variogram
analysis, uses a flattened ellipse, with ranges of 100m in the
bedding direction and 10m perpendicular to bedding. Heavy mineral
bands in optical televiewer (OTV) images were used to establish
local bedding orientations. Grade estimation was performed
separately within each of three major stratigraphic units that
comprise the conglomerate band, and within two more strongly
mineralized reefs that occur at the boundaries between these units.
Assay data, lithology logs and petrophysical signatures were used
to identify marker horizons at the boundaries of these units. The
reefs that occur at the boundaries between the three major units
are 10-20m thick and appear to be very continuous.
As with the previous resource model, this new
resource estimate was checked against the grade-tonnage
distribution predicted by a global change of support procedure,
assuming 5x5x2m selective mining units. The grade, tonnage and
metal content predicted by this global procedure are all within 10%
of the values reported from the ID3 block model, which has the
advantage of providing local detail that enables checking of the
modeling of marker horizons and continuity directions.
Resource classification
The mineral resources have been reported from
inside a pit shell using parameters of $1,500 gold, 98%
metallurgical recovery, 55-degree pit slopes and operating costs of
process $10/t, G&A $1.50/t and contract mining at $3/t.
Within the pit shell material above a cut-off grade of 0.4 g/t was
classified as Indicated resources in areas with 50m drilling, where
at least three separate drill holes are available for grade
estimation, the closest of which is within half the range of the
variogram. Areas with 100m drilling support Inferred
resources, with samples within the range of the variogram and
usually from more than one drill hole. Where hole spacing is wider
than 100m, as on the west side of Esperança South (see Figure 1),
no resources were estimated, even where the drilling contains
significant intervals above the reporting cutoff; these require
further drilling before they can be incorporated into a future
expanded areal footprint of the resource.
Qualified Person
Mo Srivastava (P.Geo.) VP of TriStar the
Qualified Person for the mineral resource estimates presented in
this press release, has approved its publication.
About TriStar:
TriStar Gold is an exploration and development
company focused on precious metals properties in the Americas that
have potential to become significant producing mines. The Company’s
current flagship property is Castelo de Sonhos in Pará State,
Brazil. The Company’s shares are listed on the TSX Venture Exchange
under the symbol TSG. Further information is available at
www.tristargold.com.
For further information, please
contact:
TriStar Gold Inc. Nick Appleyard President and
CEO 480-794-1244 info@tristargold.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
Forward-Looking Statements
Certain statements contained in this press
release may constitute forward-looking statements under Canadian
securities legislation which are not historical facts and are made
pursuant to the "safe harbour" provisions under the United States
Private Securities Litigation Reform Act of 1995. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as “expects” or “it is expected”,
or variations of such words and phrases or statements that certain
actions, events or results “will” occur. Forward looking statements
in this press release include, the scope and success of the planned
exploration program at the Castelo de Sonhos project and the
Company's opinion that it has clear title to the Castelo de Sonhos
property Such forward-looking statements are based upon the
Company's reasonable expectations and business plan at the date
hereof, which are subject to change depending on economic,
political and competitive circumstances and contingencies. Readers
are cautioned that such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause a
change in such assumptions and the actual outcomes and estimates to
be materially different from those estimated or anticipated future
results, achievements or position expressed or implied by those
forward-looking statements. Risks, uncertainties and other factors
that could cause the Company's plans to change include changes in
demand for and price of gold and other commodities (such as fuel
and electricity) and currencies; changes or disruptions in the
securities markets; legislative, political or economic developments
in Brazil; the need to obtain permits and comply with laws and
regulations and other regulatory requirements; the possibility that
actual results of work may differ from projections/expectations or
may not realize the perceived potential of the Company’s projects;
risks of accidents, equipment breakdowns and labour disputes or
other unanticipated difficulties or interruptions; the possibility
of cost overruns or unanticipated expenses in development programs;
operating or technical difficulties in connection with exploration,
mining or development activities; the speculative nature of gold
exploration and development, including the risks of diminishing
quantities of grades of reserves and resources; and the risks
involved in the exploration, development and mining business.
Although management of the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements or
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. The
Company disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws.
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