Good gold investments in recent months have helped local miner Paddington Gold to an 18 per cent increase in reserves.
In a statement to the Australian Securities Exchange yesterday, Norton Gold Fields, owner of Paddington, announced an updated resources statement for the project, located 40km north of Kalgoorlie-Boulder.
Project resources are estimated at 1.91 g/t for 6.13 million oz of gold, including 21 million tonnes of reserve graded at 1.86 g/t for 1.24 million ounces of gold.
The upgrade represents an 18 per cent increase in reserves and a 22 per cent increase in resources.
The resource statement includes 25 of 78 projects within Paddington that have been the subject of modern exploration.
Paddington’s 1250 sqkm of exploration ground contains over 130 known projects.
Norton Gold Fields managing director Jon Parker put the increase down to a significant restructuring program late last year in the wake of rising costs.
this is not the end
NGF Price at posting:
21.5¢ Sentiment: ST Buy Disclosure: Held
