Partners boost Glimmer reserves

Minable reserves at the Glimmer gold mine, near Matheson, Ont., have increased by one-third over previous estimates.

Majority owner and operator Exall Resources (EXL-T) now pegs the mine’s reserves at 1.25 million tonnes grading 9.98 grams gold per tonne, equivalent to 401,941 contained ounces gold. A further 579,694 tonnes grading 8.66 grams gold is classified as a resource.

Two new mineralized zones have been discovered subsequent to the study’s completion. Both will be included in future reserve calculations.

Exall owns a 65.35% interest in the Glimmer mine, with the remainder held by Glimmer Resources (GME-V). The mine commenced commercial production last year, and is expected to produce 65,000 oz. gold per year at a cash cost of US$220 per oz. At that rate, current reserves are sufficient for six years of production.