Midway Gold reports measured and indicated gold resources at its Pan project 29 km southeast of Eureka, Nevada, USA, now total 1.13 million oz, up 19% from the previous estimate. The increase is the result of 2011 drilling on the South Pan deposit and modeling of the mineralization in the Central Pan area. The Pan resources are classified as measured resources totaling 37 million mt of 0.49 g/mt gold and indicated resources of 43 million mt of 0.40 g/mt gold, using a 0.14-g/mt gold cutoff grade.
The Pan project is a bulk tonnage, Carlin-style, sediment-hosted gold deposit on the Battle Mountain-Eureka gold trend. It is an oxide deposit, exposed on the surface, with simple metallurgy. The deposit remains open to the north, to the south, and at depth.
Midway President and COO Ken Brunk said, “We are adjusting proposed pit configurations and the operating cost estimates to include these additional resources in the feasibility study that is currently in progress. This may extend the time to complete the feasibility study but is not expected to impact our planned 2013 production target date.”