Friday, 20th April 2007 (2217 views)

A full resource and reserve update relating to Crew Gold's Nalunaq gold mine in South Greenland has been announced.

A drill campaign undertaken last year was combined with "new underground development" to provide the most comprehensive estimate to date and a seven per cent rise in indicated resources was declared.

Inferred resources account for the majority of the resources at the Nalunaq site due to "the narrow-vein, nuggety nature of the deposit", Crew Gold has stated.

Following last year's exploration work, inferred resources therefore stand at 17 grams per tonne at 1.5 million tonnes which contains around 823,000 ounces of gold.

Crew Gold has drilled a total of 172 holes so far at its property at Nalunaq. Indicated resources from the site have been found to be 535,000 ounces at a gold grade of 18 grams per tonne for an estimated 315,000 ounces of gold.

In terms of which areas of Nalunaq has seen the most improvement in terms of resource gains, the upper block saw a "significant difference to previous estimates".

 

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