Goldsource expands Eagle Mountain resource, plans second update later this year

Goldsource Mines (TSXV: GXS) has released an updated pit-constrained mineral resource estimate for its Eagle Mountain gold project in Guyana, 200 km of the capital city of Georgetown. The latest figures include 23 million indicated tonnes grading 1.14 g/t gold, containing 848,000 gold oz., and 25 million tonnes of inferred resources at 1.09 g/t gold, for a further 868,000 oz.

These are contained within the Eagle Mountain and Salbora deposits, with mineralization starting at surface in up to 50 metres of soft rock saprolite, extending into the deeper fresh rock. Approximately 42% of the gold in indicated resources and 16% of the gold in inferred resources is estimated to be within the saprolite.

These latest numbers represent a 349% increase in indicated ounces and a 9% increase in inferred ounces when compared with the 2014 resource estimate (3.9 million indicated tonnes at 1.49 g/t gold and 20.6 million inferred tonnes at 1.2 g/t gold).

“This updated resource estimate is a very strong result both in terms of the increase in contained ounces of gold and the quality of the resource. Specifically, the ounces are hosted within a conceptual open pit that is shallow and features soft-rock saprolite at surface. These attributes point to a project that offers the potential for resource scale and tangible opportunities for production scalability,” Steve Parsons, CEO of Goldsource, said in a release.

Parsons added that Goldsource expects to release a further resource update later this year, which will incorporate drilling after the Nov. 6, 2020 cut-off date and include step-out drilling at Eagle Mountain and exploration work along the Salbora-Powls trend. This second update will then form the basis of a pre-feasibility study, expected in 2022.

The latest resource growth appears to be driven by resource upgrades from infill drilling, the discovery of the Salbora deposit and extensions to Eagle Mountain.

Three rigs are now working on the property, with 16,500 metres scheduled for 2021, 40% to 50% of these metres are allocated towards infill work.

The current resources are based on cut-off grades of 0.3 g/t gold for saprolite and 0.5 g/t gold for fresh rock – the 2014 resource used 0.5 g/t for both units.

For more information, visit www.GoldsourceMines.com.