Ängesneva is the largest currently known mineral resource within Northgolds project area and the company’s flagship project. The area was discovered in 1986 by GTK who investigated the resource with diamond drilling between 1987-1991. Later, between 2007-2011, Belvedere Resources Ltd drilled follow up holes, focused on establishing a certified mineral resource.
A total of 69 drill holes with a total length of 9,167.71 metres and 4,442 assays, have been drilled at Ängesneva. In 2011, mineral resources were calculated following the guidelines of the Australasian Code for Reporting of Mineral Resources and Ore Reserves prepared by the Joint Ore Reserve Committee in 2004.
The strike length of the mineralisation has so far been defined to approximately 370m and extending to a depth of over 250m at the NE end. The cut-off grade employed was 0.5g/t Au, considered reasonable for open pit mining.