Experienced Pacific Rim gold producer, Kingsgate Consolidated Limited (ASX:KCN) is pleased to provide an update on its 100% owned Nueva Esperanza Gold-Silver Project in the Chilean Atacama Region.
Mineral Resource estimates have been updated, although they have not materially changed from the previous release, “Chimberos Gold Discovery Adds Significantly to Mineral Resources in Chile” dated 15 July 2015.
The current Mineral Resources adopts a common estimation methodology for the three currently defined gold and silver deposits at Nueva Esperanza, and incorporates stockpiles from previous open pit mining at Chimberos that have not formerly been reported in resource estimates.
Mineral Resources – Combined Measured, Indicated and Inferred Mineral Resources at Nueva Esperanza stand at 39.4 million tonnes at 0.39g/t gold, 66g/t silver for 0.49 million ounces gold and 83.4 million ounces of silver or 1.88 million ounces of gold on a metal equivalence basis (AuEq60)¹.
Chief Executive Officer
- Gold Equivalent: AuEq (g/t) = Au (g/t) + Ag (g/t) ÷ 60. Calculated from long term historical prices of US$1,200/oz for gold and US$19.00 for silver and combined life of mine average metallurgical recoveries of 80% Au and 84% Ag estimated from test work by Kingsgate. It is Kingsgate’s opinion that all elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Although gold is not the dominant metal, gold equivalent values are reported to allow comparison with Kingsgate’s other projects. Nueva Esperanza silver equivalent: AgEq (g/t) = Ag (g/t) + Au (g/t) x 60.