Gorilla Gold (ASX: GG8) has announced a 900% increase to the mineral resource at its Comet Vale project in Western Australia.
The new estimate sits at 7.3 million tonnes grading 3.7 grams per tonne for 860,000 ounces of contained gold, comprising an indicated component of 1.7Mt at 4.1g/t gold for 220,000oz, while taking group resources for WA to a total of 12.4Mt at 3.8g/t gold for 1.5Moz.
The company delivered the additional 765,000oz at a discovery cost of just $25 per resource ounce.
Gorilla has added a total 6.5Mt at 3.7g/t gold for 1.3Moz across the Comet Vale, Mulwarrie and Vivien projects this year, reflecting a strong performance in exploration and resource growth.
Historical Gold Production
Comet Vale has seen historical gold production of over 200,000oz grading more than 20g/t—with the bulk generated from the Sovereign prospect, which has a resource estimate of 96,000oz at 4.8g/t.
Gorilla discovered the high-grade Lakeview prospect in February, along with new extensional lodes at Cheer and Sovereign around the same time.
The company has now identified more than 10 mineralised parallel east-west structures containing historical mining workings and anomalous geochemistry and rock chips at Comet Vale, with each extending across a strike length in excess of 1 kilometre.
Comet Vale lies within granted mining leases in a region with multiple operating gold mills within a 100km radius.
Significant Growth Potential
Chief executive officer Charles Hughes said there was “clear potential” to further significantly increase the resource base at Comet Vale.
“Comet Vale is rapidly emerging as a camp-scale gold development, with this resource update incorporating the new Sovereign, Cheer, and Lakeview discoveries made within the project area this year,” he said.
“We now collectively hold 1.5Moz of high-grade gold across three key projects in prime locations, showing that our aggressive strategy of drilling and exploration is delivering results and creating substantial value for our shareholders as we rapidly build a high-grade resource inventory.”
“We are now forging ahead with development studies for all three Western Australian projects, while also continuing drilling programs to deliver further Resource growth.”
