Comet Resources Limited (ASX:CRL) has revealed a maiden 88,600-ounce JORC-compliant mineral resource estimate for Santa Teresa High-Grade Gold Project in Baja California, Mexico,
The inferred mineral resource estimate of 369,000 tonnes at 7.47 g/t gold was calculated based on the application of top cap grades on a lode by lode basis and a gold cut-off grade of 2.5 g/t.
A sensitivity analysis was also performed using different top cut grades to show the effect on amount of contained gold.
“Moving forward with Teresa”
Comet managing director Matthew O’Kane said: “The initial JORC-compliant resource is the first step for Comet in moving forward with Santa Teresa.
“Through this process, we have increased our understanding of the mineralisation.
“It is also interesting to see the sensitivity of the resource to different top cap grades.
“With the resource being open at depth and along strike, I am confident that we can extend mineralisation with the upcoming drilling.”
Knowledge gained from the completion of the resource estimate will be used to assist in planning for Comet’s upcoming drilling program at the project.
The effect of different top caps on the inferred mineral resource estimate (shown only for comparative purposes and do not constitute implied alternative mineral resource estimates).
The updated Santa Teresa gold resource estimate was completed by independent consultants from Cube Consulting Pty Ltd.
Santa Teresa Gold Project comprises two mineral claims totalling 202 hectares in the gold-rich El Alamo district, around 100 kilometres southeast of Ensenada, Baja California, Mexico and 250 kilometres southeast of San Diego, California, USA.
In addition to the two claims of the project, two additional claims totalling a further 378 hectares in the surrounding El Alamo district are being acquired from EARL.