West Africa gold explorer Exore Resources (ASX: ERX) has debuted a substantial maiden resource for its Bagoe project in Cote d’Ivoire with the initial resource exceeding 500,000 ounces of contained gold.
The maiden resource is based on drilling completed across the Antoinette and Veronique targets over 14 months with the latest campaign finishing in February.
All up the resource totals 6.65 million tonnes at 2.5 grams per tonne gold for 530,000oz, based on a 1g/t cut-off.
Using a lower 0.5g/t cut-off the resource increases to 9.75Mt at 1.9g/t gold for 600,000oz.
According to Exore, mineralisation remains open in all directions with 85% of the Antoinette estimate within the top 150m of surface and 90% of Veronique within the first 100m.
“The release of Exore’s maiden mineral resource estimate is based on the company’s efforts over a little more than a year since acquiring the project and at a time of record high gold prices,” Exore managing director Justin Tremain said.
“We view the maiden mineral resource estimate of well in excess of a half a million ounces of gold at 2.5g/t as an interim resource with scope for growth with additional drilling.”
He added the estimate only covers 1km out of several kilometres worth of strike potential and the company was in an “excellent financial position” to continue exploration with $13 million in cash at hand.
In addition to the resource zones, Exore has identified several more targets outside of the estimates via shallow aircore and auger drilling.
Bagoe gold project
Exore’s Bagoe project comprises 379 square kilometres in northern Cote d’Ivoire.
The project is part of Exore’s portfolio in the region, which extends 2,000sq km.
Bagoe is 45km from Perseus Mining’s 1Moz Sissingue gold operation and 50km east of Barrick’s 4.2Moz Tongon gold mine.
Exore also noted the project was a two-hour drive from Korhogo which hosts a domestic airport with regular flights to and from Abidjan.
Additionally, the project is accessible via a national highway and gravel roads.