Equinox on schedule with Maude Lake program

An underground exploration program on the Maude Lake gold deposit is progessing on schedule, operator Equinox Resources (TSE) says. The property, which is located near Matheson, Ont., is held under option from Maude Lake Gold Mines, a private company. Technigen Corp (VSE) is funding a portion of the program.

More than 2,300 ft of underground development has been completed, including 1,485 ft of decline ramp, 218 ft of crosscutting and 380 ft of drifting along two zones on the 200-ft level.

The decline will be completed to the 450-ft level by late April. The partners also plan to complete 7,200 ft of surface diamond drilling. The information from both surface and underground exploration will form the basis for a feasibility study, expected to be completed by July, Equinox says.

Initial assay results from three headings on the 200-ft level are encouraging. These include several high grade results from panel chip samples. One 53-ft length of drift assayed 2 oz gold per ton across a width of 4.6 ft. Other samples include 4.3 ft grading 0.74 oz and 3.3 ft assaying 6.8 oz. All assays are uncut.

Total costs for the Maude Lake program are budgeted at $4.5 million of which $2.2 million has been spent to Feb., 29. By funding all costs to production, Equinox and Technigen can earn a 60% interest with Equinox holding 36% and Technigen receiving 24%.

Drill-indicated reserves exceed 900,000 tons grading 0.19 oz gold per ton. This reserve has been determined by 81,000 ft of diamond drilling and a 16,800-ton bulk sample.