Drilling by a 55%-owned affiliate of Pegasus Gold (TSE) has boosted the reserve estimate at the Mt. Todd gold mine near Darwin in Australia’s Northern Territory.
Proven and probable reserves now stand at 78 million tons averaging 0.035 oz. gold per ton, or 2.8 million contained ounces of gold. Pegasus’ 55% share stands at 1.3 million contained ounces, compared with 1.1 million oz. as previously reported.
Reserves are all contained in the Batman deposit and lie within a resource of 134 million tons grading 0.035 oz. Exploration drilling is continuing to test the Batman, as well as surrounding targets.
Pegasus produces about 450,000 oz. gold annually from its various operations and attributable interests. Most of these operations are in the western U.S.
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