Genesis Resources Ltd. completed a JORC-compliant mineral resource estimate for its majority-owned Plavica gold project in Macedonia following a series of drilling campaigns to define mineralization along both the main Plavica ridge and Maricanski Rid deposits.
The project hosts total resources of approximately 1.5 million ounces of gold within 65.8 million tonnes grading 0.7 g/t of gold, according to a Dec. 15 release.
The resource was based on 146 reverse-circulation and 148 diamond-drill holes containing a total of 63,523 assays, drilled from 1998 to August 2016. It remains open along strike to the east and at Maricanski Rid to the east and west.
Genesis Resources noted that work has now started on a prefeasibility study for the project.