In its rapid advancement of the Larder gold project, Gatling Exploration Inc. (GTR:TSX.V; GATGF:OTCQX) just achieved a potential stock-moving milestone with the release of first metallurgical testing results.
In addition, Gatling announced a new global mineral resource estimate for the Larder project. The NI-43-101-compliant estimate includes 388,000 ounces of gold in the Indicated category and 933,000 ounces of gold in the Inferred category.
"Total gold recovery at Cheminis was 80.8%, at Fernland, 88.3% ... Bear, at 91.9%."
Larder, Gatling's only project, is a 3,370 hectare gold property that hosts three connected, high-grade gold deposits—Bear, Cheminis and Fernland—spanning 4.5 kilometers (4.5 km) in northern Ontario's Abitibi Greenstone Belt.
The deposit sits along the Cadillac-Larder Lake Break, 35 km east of Kirkland Lake, an established gold camp where more than 70,000,000 ounces (70 Moz) of gold have been produced. Only 7 km away from Larder is the Kerr Addison mine that produced 11 Moz of gold.
The mineral resource estimate includes the Fernland, Cheminis and Bear gold deposits, and is based on 237,000 meters of historical drilling and 58,000 meters of new drilling that Gatling conducted over the last two years.
The company noted that it's work has "reinforced that this is one continuous gold mineralized system with three high-grade, rigorously built mineral resource estimates spanning in total a 4.5 km strike length on the southeastern side of the property. Mineralization has been traced from surface to 1,500 m depth with much of the system still untested below 800 meters."
Gatling also sees "significant room for resource growth."
“With an initial mineral resource estimate of over 1.3 million ounces for the Larder Gold project, Gatling has achieved a major milestone which was accomplished following several months of diligent effort by Gatling’s technical team and SGS Geological Services," said Jason Billan, Gatling's president and CEO.
"Overall, we are very pleased with the current result, which includes nearly 30% of the resource ounces in the Indicated category, despite the exploration team being hyper focused on expansion and step-out drilling through the 2019-2021 exploration programs. More importantly, with a current mineral resource model in hand, we are well-equipped to identify and concentrate on the further growth potential at Fernland, Cheminis and Bear in the near-term, with a goal of advancing the property into the multi-million ounce category, which would rank it quite favorably amongst the group of gold development projects currently progressing in the world-renowned Abitibi greenstone gold belt."
As for the metallurgical results, detailed in a September 8 news release, combined gravity and standard cyanide extraction methods returned initial recoveries between 81% and 92% for the three deposits. Total gold recovery at Cheminis was 80.8% and at Fernland, 88.3%. Gold recovery was the highest at Bear, at 91.9%.
In comparison, typical overall recoveries at operating mines in the Abitibi are in the low to mid-90% range. Thus, Vancouver-based Gatling intends to conduct additional testing to determine the best way to achieve gold recoveries at its three deposits, which are at least on par with the benchmark for the region.
In terms of other work taking place at Larder, Gatling is continuing its 70,000 meter drill campaign there. Through drilling to date, the company not only connected the three deposits but also discovered gold at Kir Vit and delineated near-surface gold zones at Fernland.
The next catalysts for fast-moving Gatling, expected in Q4/21, are release of more drill results, from Bear and Kir Vit.
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