LionGold reports higher mineral resource estimate in Bolivia gold project
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.