Independence Gold (IGO.V) has announced an upgraded resource calculation on its flagship 3Ts project in British Columbia. The resource now contains just under 300,000 ounces of gold in the indicated category and an additional 299,000 ounces of gold in the inferred resource category. As the table below shows, about half of the ounces are open pittable with the remaining half classified as an underground resource.
The new resource includes approximately 14,400 meters of additional drilling since the 2022 resource calculation which hosted just over 500,000 ounces of gold in the inferred resource category. The additional drilling has upgraded a substantial portion of the inferred resource into the indicated category, but the overall resource grew by just 12% while the average gold grade decreased by 13% as a lower open pit cutoff grade of 0.3 g/t was used versus the 0.4 g/t in the 2022 resource calculation.
Disclosure: The author has no position in Independence Gold. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
