Since 2018, exploration at Media Luna has been focused on infill drilling in order to upgrade Inferred Mineral Resources to the Indicated Resource category for inclusion in the upcoming Feasibility Study. As of April 30, 2021, the Media Luna deposit shows Indicated Resource of 3.54 million gold equivalent ounces (20.9 million tonnes at a gold equivalent grade of 5.27 g/t) and a gold equivalent Inferred Resource of 2.48 million ounces (18.9 million tonnes at 4.08 g/t). The current Mineral Resource estimate is reported using a long-term gold price of $1,550/oz, silver price of $20/oz, and copper price of $3.50/lb.
The remaining 2021 infill drilling program is targeting to upgrade additional resources to the Indicated category for inclusion in the upcoming Feasibility Study, which remains on track for completion in Q1 2022 and will form part of an updated Technical Report for the entire Morelos property.
The current resource is contained within approximately 30% of the area of the magnetic anomaly which hosts the deposit. As such, the Company sees significant potential to grow and upgrade the resource base at Media Luna over the coming years.