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Avnel Gold Mining Inc.
Summary
| Project: | Kalana | |
|---|---|---|
| Deposit: | Kalanako | |
| Location: | Mali | |
| Commodities: | Gold | |
| Date: | 6/5/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 5-6-2017: Avnel Gold Mining Inc. announces a Resource Estimation report for its Kalanako deposit at the Kalana project. In Situ Recoverable Mineral Resource increased by 67%. ST. PETER PORT, Guernsey, June 05, 2017 (GLOBE NEWSWIRE) -- Avnel Gold Mining Li | |
| Resources: | (Resource, Ind.): 0.77Mt @ 4.61g/t Au for 114000oz Au at a cut-off grade of 0.9g/t Au at Kalanako | |
| CP/QP: | [Resources]: I. Jones, A. Earl (Denny Jones Pty Ltd.;Snowden Mining Industry Consultants Pty Ltd.) | |
| ABSTRACT: | ST. PETER PORT, Guernsey, June 05, 2017 (GLOBE NEWSWIRE) -- Avnel Gold Mining Limited (“Avnel” or the “Company”) (TSX:AVK) is announcing an updated Mineral Resource for the Kalanako deposit located 2.5km northeast of the Kalana Main Project in south-western Mali. Howard Miller, Avnel’s Chairman and CEO said, “I am pleased to report the Mineral Resource for the Kalanako deposit has been increased by two thirds. The 119,000 oz/Au of Indicated resources at a diluted grade of 3.34 g/t Au adds great value to the Kalana Main Project. Over the fact that Kalanako could add up to one year of production with a lower cost free digging high grade material, this result highlights the significant exploration potential of the Kalana permit.” “The addition of Kalanako into our mine plan will profoundly enhance the robust economics displayed in our optimized feasibility study. The Whittle 4X optimisation suggests that, at a $1,400 gold price, the net undiscounted cash flow generated from Kalanako ore processed by the proposed Kalana Main milling facilities would be in the order of US$70 million before additional capital costs. To date, we have tested only 700m (true distance) of the 5.2km geophysical structure. We are highly confident that with today’s updated Kalanako resource, Avnel is in the early stages of the identifying true size of the deposit,” Miller added. | |
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