Enforcer Gold (TSXV: VEIN; US-OTC: EFRGF) has updated the resource estimate for the Roger gold-copper project, 5 km from Chibougamau, Quebec, for the first time since 2006 as it tries to earn a 50% interest in the project from operator SOQUEM.
The property now contains a pit-constrained 11.14 million indicated tonnes grading 0.92 gram gold per tonne, 0.99 gram silver and 0.07% copper for 331,000 oz. gold, 353,000 oz. silver and 17 million lb. copper, or 377,000 oz. gold equivalent.
The property also contains a pit-constrained 8.67 million inferred tonnes at 1.07 grams gold 2.16 grams silver and 0.13% copper for 298,000 oz. gold, 604,000 oz. silver and 24.88 million lb. copper, or 365,000 oz. gold equivalent.
Enforcer optioned the property in January 2018, and must finance $2 million in work programs by Jan. 8, 2021, in order to earn its interest. It must also issue 1 million shares to SOQUEM by the same date.
It began earning its interest this April with an 11-hole, 3,086 metre exploration program. It twinned eight pre-existing holes to verify historical results in cases where the original core is no longer available. In all eight holes, mineralization began at or near surface.
The company then added two more holes to the project's less explored North Zone. It drilled a final hole to deepen an existing SOQUEM hole in the Main Zone by 146.5 metres and test for mineralization at depth.
The company has said the program "proved highly successful, with every hole intersecting its target and confirming the current interpretation used to develop the 3D model."
The program increased the amount of drilling completed on the property to 58,000 metres. It has been explored since the 1940s. Flanagan and Muscocho Exploration carried out the first major exploration program in the late 1980s, drilling 24,700 metres from surface and 1,400 metres from underground.
SOQUEM drilled 7,500 metres between 2000 and 2005 and tabled a resource estimate in 2006. It drilled an additional 15,000 metres between 2008 and 2013.
Shares of Enforcer Gold are currently valued at 5 ? with a 52-week range of 4 ? to 18 ?. The company has a $3 million market capitalization.