Toronto's Medoro Resoruces (TSX-V: MRS) reported it has received an NI 43-101 technical report on takeover target Colombia Gold's Echandia property in the Marmato region of Colombia.
The report shows Echandia holds 1.08Moz gold and 14.2Moz silver in the measured and indicated category plus 274,000oz gold and 3.09Moz silver inferred, Medoro said in a statement.
The M&I ounces are contained in 48.6Mt grading 0.69g/t gold and 9.12g/t silver, while the inferred resources are 10.6Mt grading 0.80g/t gold and 9.04g/t silver.
The calculation was based on 17,144m of diamond drilling in 96 holes and used a 0.3g/t cutoff grade, the statement said.
"Medoro is very pleased with the estimates in this report and believes that this report further supports the company's strategy to acquire, consolidate and then develop the gold mining district of Marmato in Colombia," said Medoro CEO John Hick.
The company recently announced it had entered a support agreement to buy UK-based Colombia Gold for 33.3mn Medoro common shares, which were trading at Cdn$0.57 on Friday. Medoro will also pay off Colombia Gold's debt up to Cdn$2.8mn (US$2.71mn).