Margaux Resources (TSXV: MRL; US:OTC: MARFF) released a maiden resource estimate for the Taurus deposit on its Cassiar gold project in British Columbia.
Taurus contains inferred resources of 21.8 million tonnes grading 1.43 grams gold per tonne for 1 million contained oz. gold. The resource estimate is based on results from 423 drill holes and uses a cut-off grade of 0.7 gram gold per tonne.
Tyler Rice, president and CEO of Margaux, says the Taurus resource estimate confirms the potential for a significant bulk-tonnage deposit. The company says it will continue evaluating the Cassiar project in preparation for a 2020 exploration program.
The 560 sq. km advanced-stage orogenic gold project in northern B.C comprises two main assets: Taurus and Table Mountain.
Gold mineralization on the Cassiar gold project occurs along a 15-km structural corridor. Within the corridor, gold occurs both as discrete high-grade veins and as near-surface, low-grade mineralization.
Past production on the Cassiar property from primarily underground mines, held by different operators, yielded 920,000 tonnes at an average grade of 11.9 grams gold per tonne for a total of 350,000 oz. gold between 1979 and 1997.
The company says limited drilling has been done on the known, high-grade gold showings at Cassiar.
In June 2019, Wildsky’s shareholders approved the sale of its 100% interest in the Cassiar property through an option agreement with Margaux.
Apart from Cassiar, Margaux’s other gold project is Sheep Creek in southern B.C., within 6 km of Highway 3.
At press time, Margaux’s shares were trading at 9.5¢ with a 52-week trading range of 2.5¢ to 15¢. The company has 92.8 million common shares outstanding for an $8.8-million market capitalization.