Drilling on the Ladner Creek mine project near Hope, B.C., is returning encouraging results for Athabaska Gold Resources (TSE).
The company is working to boost the mining reserve accessible from existing workings in the No. 3 zone. Prior to the current drilling, preliminary work proved up the accessible resource to almost 1 million tons grading 0.13 oz. gold per ton.
Drill results from the 800 level of the No. 3 zone include: a 41.33-ft. intersection grading 0.13 oz. gold in hole 22; 60.7 ft. grading 0.12 oz. gold in hole 29; and 75.46 ft. grading 0.18 oz. gold in hole 30.
Other holes intersected lesser widths and grades, including: 11.3 ft. grading 0.096 oz. gold in hole 20; 3.3 ft. grading 0.11 oz. gold in hole 21; and 3.3 ft. grading 0.082 oz. gold in hole 27.
Underground drilling is continuing, and the company is also working to evaluate the feasibility of reprocessing an estimated 881,000 tons of mill tailings grading 0.05 oz. gold.
The Ladner Creek mine includes a 1,500-ton-per-day flotation-cyanide mill, which Athabaska hopes to restart.
The mine was brought into production by Carolin Mines in the 1980s, but dilution and poor recoveries forced its closure after only two years.
Athabaska will spend $1 million on the property, which it can acquire wholly by issuing the underlying owners 4 million free-trading shares.
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