(Kitco News) - Kinross Gold (TSX: K, NYSE: KGC), one of the largest gold producers globally, today announced an initial mineral resource estimate for its 100% owned Great Bear project located in Ontario, Canada.
In a press release, the company said that the project's initial mineral resources consist of 2.737 Moz of indicated resources at 2.57 g/t Au grade and 2.290 Moz of inferred resources at 3.56 g/t Au grade.
Kinross added that the majority of the resource is contained in a high-grade core. The company noted it plans to target this higher-grade mineralization in the early years of potential production.
"The results continue to support Kinross' view that the LP Fault zone is expected to host a long-life, high-grade, open-pit and underground mine," the company said.
"The Great Bear initial mineral resource estimate marks an exciting milestone for the company's future development," commented J. Paul Rollinson, President and CEO. "In just one year since acquiring the property, we have validated our belief for this to potentially become a world class asset. The initial mineral resource estimate and continuity of high grades and widths at depth reinforces our vision for a high-quality open pit and sizeable underground mine."
Kinross said that drilling and exploration focus for 2023 is to continue to add inferred resource ounces, define deep mineralization, continue exploration along strike, and identify new targets around the property.
The company noted it is also progressing studies and permitting for an advanced exploration program that would establish an underground decline to obtain a bulk sample and allow for more efficient exploration of deeper areas of the LP Fault, along with the nearby Hinge and Limb gold zones. Kinross is targeting a potential start of the advanced program as early as 2024.
Importantly, Kinross said it continues to advance detailed studies and permitting activities, with plans to release the results of this work in the form of a preliminary economic assessment in 2024.
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada.
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