(TheNewswire)
Vancouver, BC, March20, 2024 / TheNewswire / Hanstone Gold Corp .(TSX.V:HANS) (FRA:HGO) (the “Company” or “Hanstone”), ispleased to announce the initial NI 43-101 compliant gold and silverMineral Resource Estimate (“MRE”) on its Doc Property, located inthe prolific Golden Triangle of northern BritishColumbia.
Doc Property Highlights:
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The Inferred MRE contains 114,000 ounces of gold and488,000 ounces of silver, or 120,000 ounces of goldequivalent.
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The MRE exhibits excellent continuity through a widerange of AuEq cut-off grades up to 10 g/t AuEq with a likely elevatedworking cut-off at 7 g/t AuEq yielding a grade of 15.87 g/t AuEq
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Previous geophysical work identified parallel veinstructures giving the MRE excellent upside future potential (seeCompany website www.hanstonegold.com/doc-1 )
Andre J Douchane, Executive Chairman commented:“ These results are veryexciting for our team. The initial results give Hanstone anexcellent base on which to build , with the MRE expected to be commercial under certain circumstances. In addition, the MRE hasan excellent potential to increase in size. The surroundinginfrastructure is expanding closer, with the road to the north nowonly a few kilometres from the Doc Project. ”
Further, Ray Marks, Hanstone’s CEO commented: “ The Company’s nextsteps are expected to be the undertaking the recommended 4,000 metresof drilling to expand the MRE and elevate it from an Inferred to anIndicated Mineral Resource, in order to assist in advancing theproject towards an economic evaluation. ”
Underground Inferred Mineral ResourceEstimate (1-10)
Cut-Off AuEq g/t | Tonnes k | Au g/t | Ag g/t | AuEq g/t | Au koz | Ag koz | AuEq koz |
3.0 | 389 | 9.13 | 39.0 | 9.62 | 114.2 | 487.9 | 120.3 |
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Mineral Resources are not MineralReserves and have not demonstrated economic viability. The estimate ofMineral Resources may be materially affected by environmental,permitting, legal, title, taxation, socio political, marketing, or otherrelevant issues.
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The Inferred Mineral Resource inthis estimate has a lower level of confidence than that applied to anIndicated Mineral Resource and must not be converted to a MineralReserve. It is reasonably expected that the majority of the InferredMineral Resource could be upgraded to an Indicated Mineral Resourcewith continued exploration, however there is no certainty an upgradeto the Inferred Mineral Resource would occur or what proportion wouldbe upgraded to an Indicated Mineral Resource.
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The Mineral Resources in thisestimate were calculated using the Canadian Institute of Mining,Metallurgy and Petroleum (CIM) Standards on Mineral Resources andReserves, Definitions and Guidelines (2014) prepared by the CIMStanding Committee on Reserve Definitions and adopted by CIM Counciland CIM Best Practices Guidelines (2019).
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The following parameters were usedto derive the AuEq g/t value used to define the MineralResource:
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February 2024 Consensus Economicslong term forecast metal prices of Au US$1,850/oz and AgUS$23.50/oz.
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Exchange rate of US$0.75 =C$1.00.
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Process recoveries of Au 95% and Ag90%.
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AuEq = Au g/t + (Agg/t/80).
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The 3.0 g/t AuEq underground cut-offwas derived from C$140/t mining, C$60/t processing and C$25/tGA.
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Totals may not sum due torounding.
Underground Inferred Mineral Resource EstimateSensitivty (1-10)
Cut-Off AuEq g/t | Tonnes k | Au g/t | Ag g/t | AuEq g/t | Au koz | Ag koz | AuEq koz |
10 | 97 | 20.61 | 89.7 | 21.73 | 64.0 | 278.8 | 67.5 |
9 | 120 | 18.35 | 79.9 | 19.35 | 70.8 | 308.3 | 74.7 |
8 | 143 | 16.67 | 72.8 | 17.58 | 76.8 | 335.3 | 81.0 |
7 | 172 | 15.06 | 65.2 | 15.87 | 83.5 | 361.8 | 88.0 |
6 | 217 | 13.26 | 56.5 | 13.97 | 92.4 | 393.6 | 97.3 |
5 | 252 | 12.14 | 51.5 | 12.78 | 98.3 | 417.0 | 103.5 |
4 | 294 | 11.01 | 46.9 | 11.60 | 104.0 | 442.6 | 109.5 |
3 | 389 | 9.13 | 39.0 | 9.62 | 114.2 | 487.9 | 120.3 |
2 | 466 | 8.02 | 34.4 | 8.45 | 120.1 | 516.1 | 126.5 |
Three mineralized wireframes were developed inLeapfrog TM with a 1.5m minimum width and a maximum 75m projectiondistance from the nearest drill hole intercept. Wireframe constrainedassays were composited to 1.0 m lengths and capped at 100 g/t for Auand 400 g/t Ag. A block model with 2.0m x 1.0m x 2.0m blocks wasestablished and subsequent inverse distance cubed grade estimationundertaken. Bulk density averaging 2.64 t/m 3 was determinedfrom 32 site visit samples. A cut-off value of 3.0 g/t AuEq was usedto quantify the Mineral Resource Estimate and has a reasonableprospect of eventual economic extraction.
An NI 43-101 Technical Report will be filed on SEDAR+within 45 days of this news release. Eugene Puritch, P.Eng., FEC, CET,President of P&E Mining Consultants Inc. and independent QualifiedPerson, has reviewed and approved the technical contents of thisdisclosure.
About the DOC Gold Project
The DOC Gold Project covers 8 mineral claims covering1,704 hectares in northwestern British Columbia. The Project islocated approximately 70 kilometres north of Stewart, BC, and isaccessible by a 45 minute helicopter flight from the helipad locatedin Stewart, BC. Trails provide excellent access to all major locationson the Property.
About Hanstone Gold Corp
Hanstone is a precious and base metals explorer withits current focus on the Doc and Snip North Projects optimally locatedin the heart of the prolific mineralized area of British Columbiaknown as the Golden Triangle. The Golden Triangle is an area whichhosts numerous producing and past-producing mines and several largedeposits that are approaching potential development. The Company holds a 100% earn-in option on the1,704-hectare Doc Project and owns a 100% interest in the3,336-hectare Snip North Project. Hanstone has a highly experiencedteam of industry professionals with a successful track record in thediscovery of gold deposits and in developing mineral explorationprojects through discovery to production.
For Further InformationContact:
Ray Marks, President
+1-(778)-896-7778,ray.marks@hanstonegold.com
Or visit the Company’s website at www.hanstonegold.com
Forward Looking StatementsDisclaimer
The information contained hereincontains “forward-looking statements” within the meaning of theUnited States Private Securities Litigation Reform Act of 1995 and“forward-looking information” within the meaning of applicableCanadian securities legislation. “Forward-looking information”includes, but is not limited to, statements with respect to theactivities, events, or developments that the Company expects oranticipates will or may occur in the future. Generally, but notalways, forward-looking information and statements can be identifiedusing words such as “plans”, “expects”, “is expected”,“budget”, “scheduled”, “estimates”, “forecasts”,“intends”, “anticipates”, or “believes” or the negativeconnotation thereof or variations of such words and phrases or statethat certain actions, events, or results “may”, “could”,“would”, “might” or “will be taken”, “occur” or “beachieved” or the negative connotation thereof.
Forward-looking information andstatements are based on the then current expectations, beliefs,assumptions, estimates and forecasts about Hanstone’s business andthe industry and markets in which it operates and will operate.Forward-looking information and statements are made based uponnumerous assumptions, including among others, the results of plannedexploration activities are as anticipated, the price of gold, the costof planned exploration activities, that financing will be available ifneeded and on reasonable terms, that third party contractors,equipment, supplies and governmental and other approvals required toconduct Hanstone’s planned exploration activities will be availableon reasonable terms and in a timely manner and that general businessand economic conditions will not change in a material adverse manner.Although the assumptions made by the Company in providingforward-looking information or making forward-looking statements areconsidered reasonable by management at the time, there can be noassurance that such assumptions will prove to be accurate. Neither TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
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