Woulfe Mining has completed a preliminary economic assessment (PEA) study for its Muguk gold project in South Korea.

The Muguk gold-silver mineralisation is hosted within a series of parallel, steeply dipping quartz veins that extend discontinuously for 400 to 2,000m along strike and to a known depth of 800m.

Woulfe CEO/President Brian Wesson said the NI 43-101-compliant PEA indicates that the project is economic as it has a positive net present value.

"We are also excited that this was based on mining one vein of the nine veins on the field and does not include any of the silver," said Wesson.

"This project was Korea’s largest producing gold project and by developing the Three Brothers vein it will allow for exploration of the field that has substantial underground development that extends across the over 1km strike and down dip to 700 metres below surface."

The PEA, conducted by Australia’s AMC Consultants, identified a mining inventory confined to the Three Brothers Vein, consisting of inferred resource and unclassified diluting material of 728,000 tonnes grading 7.0 g/t gold.