Fiore Gold Limited (OTCQB:FIOGF) impressed with its latest resource update, one which added punch to its stock price on Monday.
The Vancouver, B.C.-based miner announce an updated resource estimate for its Pan open pit mine in White Pine County, Nevada following the completion of the 2018 resource expansion drilling program.
The estimate includes Measured and Indicated (M+I) resources of 27.6 million tonnes grading 0.49 g/t containing 432,000 ounces of gold and Inferred Resources of 7.6 million tonnes grading 0.45 g/t containing 110,000 ounces of gold. The updated resource estimate has resulted in almost complete replacement of approximately 19 months of mining depletion in the M+I category, and the addition (net of depletion) of approximately 38,000 gold ounces in the Inferred category.
According to CEO Tim Warman, "Our goal for the 2018 Pan Mine drilling program was to build the resource base as a first step in extending the mine life of our flagship asset. Having accomplished the first part of this goal, we have begun work on an updated life of mine plan and schedule based on the updated resource estimate.”
Prices for the stock galloped 4.5 cents, or 20.7%, to 26.5 cents, on 103,000 shares