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MacPhersons lowers Boorara gold project resource to 232,000 ounces

MacPhersons Resources Ltd. on Jan. 25 said it updated the mineral resource at its Boorara gold project in Western Australia to 5.95 million tonnes grading 1.2 g/t of gold for 232,000 ounces at a 0.4 g/t cutoff.

In February 2015, the company previously estimated Boorara to contain 10.8 million tonnes at 0.99 g/t of gold for 341,500 ounces, but at a cutoff of 0.3 g/t.

The latest estimate was based on drilling of 182 holes for 16,974 meters and historical drilling of 937 holes for 74,498 meters. The company also said approximately 90% of the total mineral resource estimate is within 120 meters of the surface.

The discovery of western contact mineralization has potential to add significant tonnes to the current mineral resource estimate and will underpin future organic growth of the Boorara deposit as MacPhersons moves toward a decision to mine the site.