High Grade zone extends deeper (January 07, 2002)

Deep drilling at the Red Lake mine of Goldcorp (G-T) has extended the producing High Grade zone at depth.

Hole 34L-860GW cut 2.4 metres of the HW5 lens at a vertical depth of 2,061 metres, extending it 40 metres deeper than before. Moreover, the high grade is proving consistent, with the latest interval averaging 186 grams gold per tonne.

Goldcorp has blocked out reserves to 1,768 metres depth on the High Grade zone. The most recent estimate, in September 2001, put the reserve at 1.7 million tonnes grading 69.3 grams gold. Inferred resources, based on drill intersections between 1,768 and 1,920 metres of depth, make up another 430,000 tonnes grading 92.6 grams.

So far, four exploration holes below the 1,920-metre level have picked up extensions of High Grade zone structures. The others averaged: 474 grams over 4.9 metres; 167 grams over 4.4 metres; and 35.3 grams over 0.85 metre.

Goldcorp’s underground program is aimed at intersecting the zone’s vein structures to just below 2,100 metres. Extensions to the east, west and in the footwall are also being explored.