Infill drilling by Crown Butte Resources (TSE) has added 28,000 oz. gold to underground geological reserves at the New World project in Montana.
The summer program, consisting of 16 surface holes totaling 8,025 ft., confirmed underground reserves in a portion of the Homestake deposit known as Homestake North.
The revised figure is 7.96 million tons grading 0.26 oz. gold (0.2 oz. cut) and 1.05 oz. silver per ton, plus 0.74% copper. The bulk (5.8 million tons) of this reserve is contained in the Homestake deposit.
Crown Butte is held 60% by Hemlo Gold Mines (TSE). A proposal has been made to construct an underground mine and a 1,500-ton-per-day mill at New World. Permitting is expected to be complete in mid-1994.
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