Hanstone Gold Announces Doc Property Mineral Resource Estimate with a Middle Range of 172,000 Tonnes Containing 15.1 g/t Au and 65.2 g/t Ag
Vancouver, BC, March 21, 2024 – Hanstone Gold Corp. (TSX.V:HANS) (FRA:HGO) (the “Company” or “Hanstone”), is pleased to announce the initial NI 43-101 compliant gold and silver Mineral Resource Estimate (“MRE”) on its Doc Property, located in the prolific Golden Triangle of northern British Columbia.
Doc Property Highlights:
The Inferred MRE contains 114,000 ounces of gold and 488,000 ounces of silver, or 120,000 ounces of gold equivalent.
The MRE exhibits excellent continuity through a wide range of AuEq cut-off grades up to 10 g/t AuEq with a likely elevated working cut-off at 7 g/t AuEq yielding a grade of 15.87 g/t AuEq
Previous geophysical work identified parallel vein structures giving the MRE excellent upside future potential (see Company website www.hanstonegold.com/doc-1)
Metallurgical test work achieved an overall gold recovery of 95.3% (see news release dated February 8th, 2023 “Hanstone Receives Preliminary Metallurgical Results with Gold Recoveries up to 95.3% at the Doc Property, British Columbia”)
Andre J Douchane, Executive Chairman commented: “These results are very exciting for our team. The initial results give Hanstone an excellent base on which to build, with the MRE expected to be commercial under certain circumstances. In addition, the MRE has an excellent potential to increase in size. The surrounding infrastructure is expanding closer, with the road to the north now only a few kilometres from the Doc Project.”
Further, Ray Marks, Hanstone’s CEO commented: “The Company’s next steps are expected to be the undertaking the recommended 4,000 metres of drilling to expand the MRE and elevate it from an Inferred to an Indicated Mineral Resource, in order to assist in advancing the project towards an economic evaluation.”
1. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio political, marketing, or other relevant issues.
2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration, however there is no certainty an upgrade to the Inferred Mineral Resource would occur or what proportion would be upgraded to an Indicated Mineral Resource.
3. The Mineral Resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines (2014) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council and CIM Best Practices Guidelines (2019).
4. The following parameters were used to derive the AuEq g/t value used to define the Mineral Resource:
5. February 2024 Consensus Economics long term forecast metal prices of Au US$1,850/oz and Ag US$23.50/oz.
6. Exchange rate of US$0.75 = C$1.00.
7. Process recoveries of Au 95% and Ag 90%.
8. AuEq = Au g/t + (Ag g/t/80).
9. The 3.0 g/t AuEq underground cut-off was derived from C$140/t mining, C$60/t processing and C$25/t G&A.
10. Totals may not sum due to rounding.
Three mineralized wireframes were developed in LeapfrogTM with a 1.5m minimum width and a maximum 75m projection distance from the nearest drill hole intercept. Wireframe constrained assays were composited to 1.0 m lengths and capped at 100 g/t for Au and 400 g/t Ag. A block model with 2.0m x 1.0m x 2.0m blocks was established and subsequent inverse distance cubed grade estimation undertaken. Bulk density averaging 2.64 t/m3 was determined from 32 site visit samples. A cut-off value of 3.0 g/t AuEq was used to quantify the Mineral Resource Estimate and has a reasonable prospect of eventual economic extraction.
An NI 43-101 Technical Report will be filed on SEDAR+ within 45 days of this news release. Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc. and independent Qualified Person, has reviewed and approved the technical contents of this disclosure.
About the DOC Gold Project
The DOC Gold Project covers 8 mineral claims covering 1,704 hectares in northwestern British Columbia. The Project is located approximately 70 kilometres north of Stewart, BC, and is accessible by a 45 minute helicopter flight from the helipad located in Stewart, BC. Trails provide excellent access to all major locations on the Property.
About Hanstone Gold Corp
Hanstone is a precious and base metals explorer with its current focus on the Doc and Snip North Projects optimally located in the heart of the prolific mineralized area of British Columbia known as the Golden Triangle. The Golden Triangle is an area which hosts numerous producing and past-producing mines and several large deposits that are approaching potential development. The Company holds a 100% earn-in option on the 1,704-hectare Doc Project and owns a 100% interest in the 3,336-hectare Snip North Project. Hanstone has a highly experienced team of industry professionals with a successful track record in the discovery of gold deposits and in developing mineral exploraon projects through discovery to production.
For Further Information Contact:
Ray Marks, President
+1-(778)-896-7778, ray.marks@hanstonegold.com
Or visit the Company’s website at www.hanstonegold.com
Forward Looking Statements Disclaimer
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events, or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified using words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about Hanstone’s business and the industry and markets in which it operates and will operate. Forward-looking information and statements are made based upon numerous assumptions, including among others, the results of planned exploration activities are as anticipated, the price of gold, the cost of planned exploration activities, that financing will be available if needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct Hanstone’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
