Between August 2017 and July 2019, we completed approximately 77,500 metres of drilling for the Martha Underground Project from two underground drill drives. This represents approximately 60% of the planned exploration drill metres required to adequately test the Martha Underground target. The drill program is expected to continue throughout 2020.
In March 2019, a resource was reported for the project of 2.1Mt at 4.84 g/t gold for 331,000 ounces of gold as an indicated resource, and 4.5Mt at 4.59 g/t gold for 667,000 ounces as an inferred resource. Additional to this resource, there is an exploration target of between 8 million and 10 million tonnes at a grade of between 4 and 6 g/t of gold. This exploration target is based on the assessment of surface and underground drill data collected by the company in addition to the significant amount of historical and archived geological and mine data from over a century of mining activity at Waihi. The exploration target is conceptual in nature and insufficient exploration has been undertaken in the areas that this exploration target relates to estimate a mineral resource. It is uncertain if further exploration will result in the estimation of a mineral resource.
Project Martha was fully consented in February 2019, while resource definition drilling, feasibility studies and development are ongoing.