The updated resources are based on a 0.4 g/t gold cut-off grade and C$1,450 per oz. gold.
Caldas plans to continue drilling the deposits next year
“The Juby gold project is an advanced-exploration stage property situated on a major highway with access to infrastructure in a historic mining district in Northern Ontario,” Serafino Iacono, Caldas Gold’s chairman, said in a release.
“The Shining Tree gold district is an under-explored area in the southern part of the Abitibi Greenstone belt and we are encouraged by the increase in the level of interest and investment in this area…”
The 56.7-sq.-km project covers 10 km of the Tyrrell structural zone and lies within 70 km of the Cote gold project (held by Iamgold and Sumitomo) and Alamos Gold’s Young-Davidson mine.
The four existing mineralized zones at Juby cover between 1,750 metres and 3,000 metres of strike and extend down to depths of up to 750 metres. The current deposits remain open along strike and at depth.
Caldas plans to continue drilling the deposits next year, focusing on extending known mineralization on strike and at shallow depths, with a 10,000-metre program proposed for 2021.
Caldas Gold closed the Juby project acquisition in July, from privately held South American Resources, in exchange for the issue of 20 million shares and a C$9.5-million payment to a subsidiary of Pan American Silver.
In addition to a 100% interest in Juby, Caldas also holds the Marmato gold-silver mine in Colombia. Gran Colombia Gold has a 57.5% stake in Caldas.
(This article first appeared in the Canadian Mining Journal)
