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Hill End Gold Limited (ASX:HEG) - Reward Resource Upgrade

 

Highlights
 
- The Reward Resource estimate for 2010 has been increased to 243,900 gold ounces bringing the total Resources for the Hargraves and Hill End Projects to 567,500 ounces.
 
- Reward JORC Resource estimate:
 
Measured Resources: 77,400 tonnes 11.3g/t gold for 28,100 contained ounces
 
Indicated Resources: 180,400 tonnes at 6.5g/t gold for 37,700 contained ounces
 
Inferred Resources: 627,800 tonnes at 8.8g/t for 178,100 contained ounces
 
Total Contained Ounces: 243,900 ounces.
 
The Hill End Project is located approximately 50km north of Bathurst in New South Wales and during the late 19th century, the Hawkins Hill – Reward deposit yielded a reported 400,000 ounces of gold at a grade of about 10 ounces per tonne. The early miners worked on moderate returns to a depth of about 60 metres, where extremely rich gold mineralisation, such as the Holtermann’s ‘Nugget’ containing 3,100 ounces of gold in a piece of rock 1.2m high was found. Hill End Gold Limited (HEG) owns a minimum of 85% of the Hill End area tenements including the Hawkins Hill – Reward and Red Hill deposits.
 
Commenting on the increased Reward Resource estimate, Hill End Gold’s Managing Director Mr Philip Bruce said that “the combined Resource estimate of 567,500 ounces for Reward at Hill End and Big Nugget Hill at Hargraves puts us well on track to our near term target of one million ounces. Our success in increasing resources underpins our strategic shift to exploration.”
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