Osprey Gold (OS.V), a new company on the TSX Venture Exchange has released an updated resource estimate on its Goldenville project in Nova Scotia, Canada. Whereas a historic estimate contained gold in both the indicated and inferred resource categories, Osprey Gold now released an all-inferred resource estimate.
The total resources currently contain 2.8 million tonnes of rock at a capped average grade of 3.2 g/t gold, resulting in a total of 288,000 ounces of gold. On an uncapped basis, the grade would increase to almost 5 g/t, and the total amount of gold in the inferred resources would increase to almost 450,000 ounces.
Osprey proudly announces the updated resource as a ‘60% increase in the inferred resource’ which is 100% correct, but on a consolidated basis (indicated + inferred), the total gold resource increased by ‘just’ 32% on a capped basis – which is still a very respectable increase.
Additionally, the company has acquired 24 diamond drillholes at Goldenville from a previous operator of the Goldenville project. These holes have never been logged or sampled, and this will very likely increase (and accelerate) Osprey’s understanding of the Goldenville deposit. Osprey Gold has closed a C$1.8M placement in March, and this should allow the company to go ahead with its first exploration programs at Goldenville.