Edgewater Exploration (EDW.V) has released an update NI43-compliant resource estimate on its 100% owned Corcoesto Gold Project in Galicia in the Northwestern part of Spain.
The total amount of ounces in the measured and indicated categories threefolded to just over 1 million ounces at an average grade of 1.32g/t, which underpins a mine life of approximately 10 years, based on the company’s PEA which was released approximately two years ago. Even if a higher cutoff grade of 0.8g/t would be applied, the Measured and Indicated resource categories would still contain 863,000 ounces of gold, with an additional 173,000 ounces in the inferred category. According to the company, there’s still potential for resource expansion at depth and along strike.
Disclosure: The author holds a long position in Edgewater Exploration. Please see our disclaimer for current positions.