Uragold Issues First Ever Inferred Resource Estimates for the Beauce Placer Gold Project of 23,000 Oz and Increases the Resou...
March 03 2014 - 7:18AM
Access Wire
ACCESSWIRE / March 3, 2014 / Uragold Bay
Resources Inc. ("Uragold") (TSX Venture: UBR), is
pleased to announce that it has received its first
ever inferred resource estimates (polygon
derived) for the
Beauce Placer Gold Project
from the author of the NI 43-101 technical
report.
The author concluded, after
having reviewed all the technical data available, that there was
enough recent and historical information to disclose the following
Inferred Polygonal Resource*. The following Inferred resource has
been estimated from data derived from 30 boreholes (7 recently
drilled sonic boreholes and 23 historical boreholes from work done
in the 80's):
--------------------------------------------------------
|Placer Gold Inferred Resource (assay values) |
|------------------------------------------------------|
|Resource volume |741,000 m3 |
|------------------------------------------------------|
|Gold grade |0.97 g Au/ m3 |
|------------------------------------------------------|
|Gold contained |721,000 g/ Au OR 23,000 ounces/|
| |Au |
--------------------------------------------------------
*An "Inferred Mineral
Resource" is that part of a mineral resource for which tonnage,
grade and mineral content can be estimated with a low level of
confidence. It is inferred from geological evidence and assumed but
not verified geological/or by grade continuity.
Any grade/ tonnage calculation
at the Beauce Project will be fraught with difficulty. Key amongst
the problems with the Beauce (and many other gold projects) is ore
grade variability. The grade can and will change from almost
nothing to a value of several grams per cubic metre within a very
short distance.
This point was emphasised by
Rose (1959) who in relation to the proposed dredging by the Beauce
Placer Company at the time stated: -
"...gold obtained in the
drill samples has been coarse and in a number of holes small
nuggets were found. In estimating volumes and values these nuggets
have been included. When the gold is coarse it usually follows that
actual dredging recoveries are higher than the drill
estimates."
Due to the nugget effect and
the clear disparity between drilled and mined gold grades at the
Beauce the author believes that gold volumes contained in the
deposit will be larger than indicated by the drilling, but until
the completion of the bulk sampling, the only way to quantify the
nugget effect is to look at the historical information as a
guideline for a new potential exploration** target
range.
On the section of the deposit
previously mined by The Beauce Placer Company, the unpublished gold
production data for the dredging and drag line operation from 1959
to the early 1960s and their 1958-59 explorations reports mentioned
that:
---------------------------------------------------------------
|Historical Drilled Resource vs Gold Dredged (assay values) |
|-------------------------------------------------------------|
|Drilled Resource |Gold Dredged |
|-------------------------------------------------------------|
|Resource volume|1,050,000m3 |Volume |1,050,000 m3 |
| | |processed | |
|-------------------------------------------------------------|
|Gold contained |294,000 g/ Au |Gold Dredged |1,768,000 g/ |
| |9,440 oz/ Au | |Au |
| | | |56,800 oz/ Au |
|-------------------------------------------------------------|
|Gold |0.279 g Au/ m3|Gold grade |1.677 g Au/ m3g|
|grade | | | |
| | | | |
---------------------------------------------------------------
This infers that the actual
gold grade recovered during dredging was roughly x6 the suggested
grade derived from the Beauce Placer Company drilling
programme.
Making the assumption that
recovered gold could be up to x6 the drill indicated figure (as per
the data derived from the historical mining figures) suggests that
possible gold recovery during mining could be between the 23,000
(741,000 m3 @ 0.97
g Au/ m3) and 140 000 ounces**
(741,000 m3 @ 5.9 g Au/
m3).
**Potential quantity and grade
are conceptual in nature, there has been insufficient exploration
to define a mineral resource and it is uncertain if further
exploration will results in the discovery of a mineral
resource.
The finale version of the
technical report is being completed and will be shortly
disclosed.
Mr. Vivian Stuart-Williams,
SACNASPS, working under Special Authorization #290 of the Quebec
Order of Geologist, is an Independent Qualified Person as defined
by National Instrument 43-101 that supervised the preparation of
the information in this news release.
Patrick Levasseur, president
and COO of Uragold stated. "Management is excited to present to our
investors this first ever resource estimate. With this disclosure,
work on the PEA can be completed. We will be able to demonstrate
the low cost nature of our Beauce project. Shareholders will be
able to appreciate Uragold's Fundamental value."
About Uragold Bay Resources
Inc.
Uragold Bay Resources is a
junior exploration company trading on the TSX Venture under the
symbol UBR. Uragold holds gold properties in Southern Quebec's
Appalachian belt. Uragold's business model is focused
on the development of small-scale gold exploration projects
into mines in order to generate free cash flow to internally
finance growth and blues sky exploration.
Uragold aims to become one of
the rare cash flow generating mining S.M.E.'s in the next 12 - 18
months by developing Quebec's first placer mine in 50 years, the
Beauce Placer Project and by developing, in partnership with Golden
Hope Mines, the Bellechasse-Timmins Gold Deposit.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For further information
contact
Bernard J.
Tourillon, Chairman and CEO
Patrick Levasseur, President and COO
Tel: (514) 846-3271
www.uragold.com
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