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Lionsgold Ltd.
Summary
| Project: | Jonnagiri | |
|---|---|---|
| Deposit: | Jonnagiri | |
| Location: | India | |
| Commodities: | Gold | |
| Date: | 3/14/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 14-3-2017: Lionsgold Ltd. announces a Resource Estimation report for its Jonnagiri deposit at the Jonnagiri project. Updated Mineral Resource Estimate for Jonnagiri. Lionsgold (LSE: LION), the India-focused gold exploration company with additional gold as | |
| Resources: | (Resource, I+I): 7Mt @ 1.59g/t Au for 361koz Au contained at project | |
| CP/QP: | [Resources]: Andrew Weeks (Golder Associates) | |
| ABSTRACT: | Lionsgold (LSE: LION), the India-focused gold exploration company with additional gold assets in Finland and an interest in a physical gold online trading platform, is pleased to announce details of the updated resource and drilling results in relation to the Jonnagiri gold project. The Jonnagiri lease is held by Geomysore Services India Pvt Ltd ("Geomysore"), of which Lionsgold owns 20.5%. Jonnagiri is currently the focus of an economic feasibility study ("EFS") in respect of building a producing open pit gold mine, for which Geomysore has been granted a 30-year mining lease to mine 365,000 tonnes of gold ore per year. In addition, Lionsgold is pleased to announce the appointment of Beaufort Securities Limited as joint broker to the Company with immediate effect. Cameron Parry, Chief Executive Officer, commented: "We are delighted to be able to report a substantial increase to the Indicated Resource at Jonnagiri. The results underpin the work and data gathered via the current feasibility study and materially improve the viability of a producing gold mine. Additionally, the early test drilling results from the new South Block at Jonnagiri are particularly encouraging and plans are being made for further drilling on the South Block to establish an additional open pittable gold resource. "In line with this and our other work underway in India and progress being made in our two other business divisions, Lionsgold has appointed a second broker to initiate research and help expand the Company's network and following." | |
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