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on February 5, 2015 News
Geologists logging drill core at the Hope Brook Gold Project
Coastal Gold has defined a high grade resource at its 100%-owned Hope Brook gold deposit in Newfoundland by developing a 3D model that has tighter constraints and focuses on higher grade drill results.
The new resource of 5.5 million tonnes grading 4.77 grams gold per tonne, including 844,000 indicated ounces and 110,000 inferred ounces, has the potential for underground development using the existing ramp at the former gold mine.
“The new resource is designed to consider the potential of mining the entire deposit from underground,” says President & CEO Bill Pearson, who will receive the PDAC’s Distinguished Service award in March. “In addition, underground development would facilitate follow-up drilling on potential high grade target areas and deposit extensions already identified from our previous surface drilling.”
In an interview with Earth Explorer, Pearson described the exploration approach at Hope Brook: to differentiate high grade mineralization within lower grade silicic rocks by integrating geophysical, geochemical and geological data. The company was able to pinpoint the high grade zones within a 3.4 km long mineralized structure extending from the main deposit by analyzing the alteration characteristics of drill core and combining those results with geology in Geosoft Target for ArcGIS. The drill targets were identified by a 3D inversion of resistivity and electromagnetic data imported into Geosoft Oasis montaj.
Editorís Note: On July 7, 2015, First Mining Finance Corp. closed the acquisition of Coastal Gold Corp. which wholly owned the Hope Brook Gold Project.