Interim Updated Resource EstimateNice to see more people here.
You are correct mmoital, things have been very busy at SilverCrest lately, but also at Goldsource. Eric Fier, along with other shared staff, have been preparing for the upcoming SilverCrest Feasibility Study Resource Estimation, as well as the upcoming Goldsource Interim Updated Resource Estimate.
It's coming soon.
With regard to
today's post from Madison: "Goldsource Management's Discussion & Analysis Quarterly Highlights report dated September 30, 2020 stated that "an updated resource estimate is planned for December 2020 or early January 2021" (pg 3). We are now past that time frame, so we should expect it anytime. Maybe someone else can point to an updated timeline for its release that I may have missed? I had emailed the company about it last month, but got no reply." We were actually expecting an updated Resource Estimate in Q4 2020 remember? Unfortunately, this is the mining industry. This is a high-risk and speculative industry, which can encounter many unforeseen risks and challenges. Due to the Covid-19 Pandemic, we, along with many other mining companies, were forced to shut down operations.
GOLDSOURCE MINES DID NOT HAVE ANY CONTROL OVER THIS. From the
April 6, 2020 NR, we announced that we were mandated by the Guyanese Government to temporarily shut down all drilling and exploration activities.
This shut down lasted approximately two months. On top of this shut down, we were unable to put our 3rd drill rig to use and begin necessary in-fill drilling for our updated Resource Estimate. From the
June 11, 2020 NR:
VANCOUVER, BC – June 11, 2020 – Goldsource Mines Inc. (“Goldsource” or the “Company”) is pleased to announce it plans to restart exploration drilling at its Eagle Mountain Gold Project (“Eagle Mountain”) in Guyana, South America on June 11, 2020. Work plan is based on strict COVID-19 protocols as previously announced (April 6, 2020). In addition, the Company is pleased to announce that it has engaged CSA Global Consultants Canada Ltd (“CSA Global”), an ERM Group company, to provide Goldsource with:
- an independent assessment and gap analysis of geology and gold mineralization to guide the Company’s current drill program and convert current Inferred resources into the Indicated classification, and
- a Mineral Resource Estimate (“MRE”) update for the Eagle Mountain gold deposit and a maiden MRE for the recent gold discoveries peripheral to Eagle Mountain, including the Salbora gold deposit.
Yannis Tsitos, President, commented, “We are looking forward to safely resuming drilling operations for resource expansion and conversion at Eagle Mountain, cautiously and under strict COVID-19 protocols. In the last 36 months, we have drilled in excess of 25,000 metres at Eagle Mountain, resulting in the recent discoveries at Salbora, Powis, Toucan and Friendly. We are looking forward to an updated independent resource estimate for completion in Q4, 2020.”
WE WERE ONLY ABLE TO BEGIN IN-FILL DRILLING WITH OUR 3RD DRILL RIG IN OCTOBER 2020. From the
October 22, 2020 NR:
VANCOUVER, BC – October 22, 2020 – Goldsource Mines Inc. (“Goldsource” or the “Company”) is pleased to announce the deployment of a third core drill at the Eagle Mountain Gold Project (“Eagle Mountain”) in Guyana, South America. In addition, expansion and in-fill drill results from several targets located within Eagle Mountain are presented. Expansion drill results for the No. 1 Hill zone with adjacent Baboon zone and in-fill drill results for the Eagle Mountain deposit, Kilroy zone, represent 26 core holes for 2,630 metres (see attached Figures and tables below). These new results will be included in the ongoing updated resource estimation. Over 13,000 metres of core drilling has been completed to date in 2020, albeit the suspension of activities during April and May due to Covid-19 pandemic related precautions. UPDATED RESOURCE ESTIMATE TIMELINE. From the
December 3, 2020 NR:
Yannis Tsitos, President, commented, “The continued positive drilling results at both Salbora and Eagle Mountain deposits are expanding our gold mineralized footprint and verify the previous geological models for these areas. In addition, we have expanded the north-south trending Salbora-Powis structural corridor with the discovery of gold mineralization at Montgomery, which is located an estimated 1.5 kilometres north of Salbora. The recent acquisition of the Ann Prospect opens further potential for expansion of gold mineralization within the southern part of this corridor in Minnehaha Creek area. We continue to compile all information, including over 34,000 metres of additional drilling, to complete an updated mineral resource estimation in early 2021.” From the
January 6, 2021 NR:
An estimated 34,000 metres of drilling has been completed in the last three drill seasons at Eagle Mountain with a cut-off date for drill results of November 7, 2020 to be used in the Mineral Resource Estimation update to be announced in early 2021. These more recent results will not be included in the pending mineral resource update.
Q1 2021 Drill Program
In January, there will be three (3) core drills operating at Eagle Mountain. Initially, these drill rigs are completing expansion holes for the Toucan Prospect, Ann Prospect, and in-fill holes for the Eagle Mountain deposit. A Mineral Resource update is currently being finalized to be announced in early 2021. Subsequently, a NI 43-101 Technical Report will be filed on SEDAR within 45 days.
Lastly,
CSA Global ultimately dictates when the Interim Updated Resource Estimate is completed and available for release. But based on the above-mentioned publically available information, and conversations i've had with IR, I fully expect to see our Interim Updated Resource Estimate released in
late January 2021 or early February 2021. It's coming soon.
GLTA