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Ramelius ups gold resource estimate for Mount Magnet's Eridanus deposit by 226%

Ramelius Resources Ltd. estimated a 226% increase in the total measured, indicated and inferred resource for its Eridanus deposit, within the Mount Magnet gold project in Western Australia, to 12 million tonnes grading 1.3 g/t gold for 490,000 ounces of gold, from the maiden estimate of 3.5 million tonnes grading 1.3 g/t of gold for 146,000 ounces of gold at the indicated and inferred categories.

The company said Dec. 23 that it completed 18 deep exploration and six in-pit resource definition reverse circulation holes during October and November, for a total of 10,151 meters.

According to Ramelius, Eridanus is now the third-largest endowment area in the over 6 million-ounce Mount Magnet gold camp, after Hill 50 which has 2.1 million ounces and Morning Star which has 1.2 million ounces.