Reserves at the Mirado gold property controlled by Golden Shield Res ources have been increased by almost 30%, the company reports. Located near Kirkland Lake, Ont., the Mirado property hosts drill-indicated reserves of 496,509 tons grading 0.33 oz gold per ton, fully diluted. Previous reserves totalled 385,000 tons of similar grading ore.
Golden Shield plans to place the property into production in January, 1987 at a rate of 500 tons per day. Processing of the ore will be on a custom milling basis at the nearby McBean mill. The mine, which has an operating life of three years, is expected to produce 33,000 oz of gold in its first year. Capital costs for placing the property into production are estimated at $6 million.
Mirado Nickel Mines holds a 30% net profits interest in the property payable after Golden Shield recovers all its costs.
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