by Stephen McGibbon
Today we report our maiden mineral resource estimate at Hasaga. Based on the drill results we have been releasing for the last eighteen months, I think most will view the update as being consistent with expectations. Our focus on resource delineation at Hasaga has resulted in a discovery cost of less than $17.00 per indicated resource ounce. This metric includes the purchase of the Buffalo portion of the property made in 2015.Based on exploration only, that discovery cost is about $12.00 per indicated resource ounce. Remember there are still some 630,000 ounces of inferred that could be converted in the future as well as the potential for further discovery.Tremendous strides have been made in understanding and modelling the geologic framework that is built around this estimate. This is the result of excellent work by our on-site team and an important first step toward assessing the future mining potential at Hasaga.
As required by NI 43-101, the Technical Report on the Hasaga estimate will be made available on SEDAR no later than forty-five days from today. It will also be posted on our website. Once available, please take the time to review the report.
We continue to be strong believers in the potential of the Red Lake district.We regard land positions proximal to the regional unconformity that separates Balmer Assemblage rocks from Confederation-aged rocks as a key geological parameter. Premier’s regional prospecting is focussed on understanding and delimiting the extent of this feature and hopefully 2017 will bear fruit for our efforts.