Measured gold ounces at the Mutiny Gold (ASX: MYG) Deflector deposit have increased to 130,000 ounces, up from 67,000, along with a boost in grade.
Mutiny now has; 930,000 tonnes at 4.3 grams per tonne (g/t) for 130,000 ounces, up from 535,000 tonnes at 3.9g/t for 67,000 ounces.
Deflector, part of the Gullewa Gold Project, now has a total resource of; 590,000 gold ounces which besides the 130,000 Measured, has 100,000 ounces Indicated and 350,000 ounces Inferred.
Based on the current gold price of US$1360 an ounce, the in-situ value of the Measured resource alone is US$177 million.
The increase in Measured resources will underpin the Feasibility Study, which will commence next month, with these latest results included within the planned open pit.
A Scoping Study is also underway, with results anticipated to be delivered by the company in mid-February.
Drilling is set to continue along strike at Deflector in the second half of January, to test high grade drill intersections identified in earlier drilling.
Mutiny said this upgrade of a significant portion of the Indicated Resource to the higher confidence category of Measured Resource has met the company’s objectives, and confirms Deflector as a significant deposit and completes an important development step.
Importantly, at Gullewa, infrastructure is already in place which includes a 300kt pa mill, camp, offices, power plant and other general required facilities.
Gold production is forecast by Mutiny to begin in 2012 from Gullewa.
Mutiny also owns the White Well project with an early resource of 91,000 ounces of high grade gold, that could be processed at Gullewa.
Earlier in the month the Wall Street research firm RB Milestone Group placed a price target of $0.41 in Mutiny.
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