- Epic Gold (CSE:EPG) (OTCQB: NFLDF) (FSE: 6341) announced a 440,000-ounce inferred resource estimate for its Hawkins project near Hearst, Ontario.
- The nanocap gold miner is advancing four projects in Canada backed by historical resources.
- Epic Gold stock has given back 30.30% year-over-year.
Epic Gold (CSE:EPG) (OTCQB: NFLDF) (FSE: 6341) announced a 440,000-ounce inferred resource estimate for its Hawkins project, located 80 km from Hearst, Ontario, including 14 million tons of ore grading 0.98 grams per ton of gold.
The current estimate, the first among the company vast historical resources, is based on a high recovery rate of 93% and a gold price of US$3,500 per ounce, comfortably below the US$4,142.40 price on ADVFN at the time of writing.
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Hawkins is accessible year-round through an all-weather road and is crossed by the Algoma Central Railway, setting a firm foundation for low development costs as the company advances the project across the mining lifecycle.
The project’s 25,990-hectare land package is located 140 km east-northeast of the Hemlo gold mine, which boasts more than 25 million ounces of historic production.
According to Thursday’s news release, next steps at Hawkins include systematic exploration along the Puskuta deformation zone, which hosts the McKinnon deposit, the project’s main mineralized zone, whose 3.7-km-long orogenic gold system is traced to 200 m vertical depth, including numerous high-grade historical occurrences.
The nanocap gold miner is also planning infill and depth-extension drilling, as well as metallurgical testing, with eyes on expanding and upgrading the resource.
Leadership commentary
“The Hawkins project now hosts an inferred mineral resource of 440,000 ounces of gold on a road and rail-accessible property in Ontario. What stands out to us is how little of the broader system has been tested,” Rod Husband, President and Chief Executive Officer of Epic Gold, said in a statement. “The McKinnon deposit accounts for roughly 3.7 kilometres of a considerably longer mineralized structure, with most of the mineral resource located within approximately 200 metres of surface. Our near-term work will focus on systematically exploring the broader Puskuta deformation zone to better understand the full lateral extent of the gold mineralization, followed by depth-extension and infill drilling to assess whether confidence in the current mineral resource can be improved.”
About Epic Gold
Epic Gold is a nanocap gold miner advancing four projects in Canada backed by historical resources.
Epic Gold stock (CSE:EPG) (OTCQB: NFLDF) (FSE: 6341) is down by 8% trading at C$0.23 as of 10.38 am ET. The stock has given back 30.30% year-over-year.
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