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Dacian estimates 125,000-ounce maiden resource for Mount Morgan's Phoenix Ridge

Dacian Gold Ltd. said Oct. 3 that it estimated a maiden inferred mineral resource of 481,000 tonnes at 8.1 g/t gold for 125,000 ounces at the Phoenix Ridge deposit within the Mount Morgans gold operation in Western Australia.

The new estimate increases the total mineral resource of Mount Morgans to 55.2 million tonnes grading 2.1 g/t gold for 3.7 million ounces.

The company will accelerate infill drilling across the deposit with an initial ore reserve targeting the middle of 2020.

In December 2018, the company reported a mineral reserve of 1.4 million ounces at the Mount Morgans project.