Astral Lifts Spargoville Resource 102% to 281koz

Astral Resources (ASX:AAR) released a re-estimated Mineral Resource for its Spargoville Gold Project in WA, prepared on the parameters set for its upcoming Mandilla Definitive Feasibility Study, which more than doubles the project's contained gold.

The Spargoville Mineral Resource Estimate (MRE) rose 102% to 8.5Mt at 1.0g/t Au for 281koz of contained gold, from 3.0Mt at 1.4g/t Au for 139koz. Indicated Resources rose 130% to 5.1Mt at 1.1g/t Au for 186koz. The update covers the Spiders, Eagles Nest, 8500N and 5B Deposits, which independent consultant Cube Consulting re-estimated at a 0.40g/t Au lower cut-off within pit shells derived using a gold price of A$4,500 per ounce, with costs based on the Mandilla DFS optimisations. The Wattle Dam Stockwork, Hilditch and Larkinville Deposits were not updated. Including Mandilla at 53.5Mt at 1.0g/t Au for 1.74Moz and Feysville at 5Mt at 1.2g/t Au for 196koz, the Group MRE stands at 67Mt at 1.0g/t Au for 2.21Moz of contained gold. Spargoville is 70km south of Kalgoorlie, and Astral says only 16,000 metres of drilling has been completed there since it acquired Maximus Resources, with drilling at Spiders to resume in the December Quarter.

The increase follows reinterpretation and re-estimation, and the reported grade fell from 1.4g/t to 1.0g/t Au. The release reports Mineral Resources only and does not state any Ore Reserve or mining decision for Spargoville.