Located near Quesnel, B.C., the QR deposit also contains geologic reserves in other zones that could further extend the mine life. QPX has earned a 20% interest in the project from Placer Dome Inc. (TSE) and may earn 50% under its option agreement. Placer Dome is also QPX’s largest shareholder.
Mineable reserves in the West zone as calculated by Steffan Robertson and Kirsten are 814,000 tons at 0.13 oz gold for a total of 105,000 oz. These figures suggest a decrease in grade from the previously reported total reserve base of one million tons grading 0.2 oz gold at QR.
The waste-to-ore ratio is calculated at 4:1, and capital costs for a 400-tonne-per-day operation are estimated at $10 million.
The West zone contains a further 152,000 tons of underground reserves grading 0.26 oz gold. However the company notes these would need to be confirmed by additional drilling.
The Mid-West zone is reported to contain an additional drill-indicated underground reserve containing 65,000 oz, with potential for further underground reserves in the newly-discovered East zone.
Late last year, QPX entered into an option agreement to earn a 51% interest in the Bonaparte gold prospect near Kamloops. The company reports that results from recent trenching and drilling on the property “point to an underground program.”
Eight gold-bearing veins were discovered, with drilling showing the presence of gold to a depth of at least 400 ft. Panel samples taken from one of the veins returned values of 0.55 oz gold over a 4-ft width, while drilling down the vein from surface yielded a 38-ft section grading 0.69 oz gold.
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