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LionGold reports higher mineral resource estimate in Bolivia gold project

Published on Jan 27, 2014 9:18 AM

LionGold Corp, one of three Singapore-listed penny stocks that took a drubbing in the market last October, said on Monday its wholly-owned project in Bolivia may contain more gold than earlier thought.

The Amayapampa Gold Project is now estimated to contain a total of 1.79 million ounces of gold - a 40 per cent increase in its mineral resources - after an updated technical report was completed, LionGold said.

But while the resource estimate showed a "significant increase" in inferred mineral resources, it showed a small reduction in indicated mineral resources, the company added. The physical characteristics of indicated resources can be estimated with more confidence than those of inferred resources.

LionGold also said a new mineral reserve has been estimated at the project, containing a total of 701,000 ounces.

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