VANCOUVER (miningweekly.com) – Project consolidator First Mining Finance has reported a maiden resource for its Goldlund project, in Ontario, outlining 1.75-million compliant ounces in the inferred mineral category.
First Mining said Monday that at a 0.4 g/t gold cutoff grade, the Goldlund deposit contained pit-constrained inferred resources of 40.9-million tonnes at 1.33 g/t, and using the same parameters, also contained a pit-constrained indicated resource of 9.3-million tonnes grading 1.87 g/t for 560 000 oz of gold.
The brainchild of chairperson Keith Neumeyer, First Mining is a new ‘mineral bank’ business concept to acquire mineral assets at exceptionally low valuations and holding or banking these assets until the capital markets for commodities and mining improves. At that point the company will add value for our shareholders by entering agreements with other parties which will move the projects forward through development or exploration, while keeping residual interests in the projects.
"In comparing the Goldlund project to the rest of our portfolio, we believe that Goldlund has the potential to become one of our cornerstone projects,” stated Neumeyer.
The company expects to start a 27 000 m drilling campaign at Goldlund by the end of the month, with the goal to upgrade and expand the resource.
“We believe that we have the potential to expand the Goldlund resource with additional drilling and the project is also adjacent to existing infrastructure such as a highway and electricity, which make this project highly compelling. Going forward, I'm excited to see how the results from our 2017 winter drilling campaign at Goldlund unfold as we seek to further define the resource on this project,” Neumeyer said.