Vancouver In another step on the road to production, GLR Resources (GRS-T) has filed all necessary reports with federal and provincial agencies to complete the Environmental Impact Statement for its wholly owned Goldfields gold project in the Beaver Lodge mining district of northern Saskatchewan.
The Goldfields project consists of the Box and Athona mines that collectively produced 64,000 oz. gold from 1.9 million tonnes of ore from 1939 to 1942. GLR is proposing to develop an open-pit operation at Goldfields. The company says it will release more details of its feasibility study early next year, along with details of recent financing discussions with a banking facility.
The Box and Athona deposits are situated two km apart. GLR has focused its efforts on the advanced Box deposit, which is being examined for both bulk-mining and selective-mining scenarios. Based on a bulk-mining scenario, the deposit hosts measured and indicated resources totaling 13.24 million tonnes grading 1.44 grams gold per tonne. Inferred resources add another 96,000 tonnes grading 1.48 grams.
Total measured and indicated resources based on the selective-mining option stand at 7.5 million tonnes at 1.91 grams gold, plus 2.25 million tonnes of 1.94 grams gold in the inferred category. These estimates were calculated using a 0.5-gram cutoff grade.
Based on a 1995 feasibility study, the Athona deposit contains a historic resource of about 200,000 oz. This estimate has not yet been brought up to National Instrument 43-101 reporting standards.
GLR plans to drill gold targets in the general vicinity of the Goldfields project in the first quarter of 2006, to identify additional targets that could potentially extend the life of the proposed operation.
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