Gold recovery during the second and third quarters will be 7,300 oz with an estimated production cost, including processing, of $227(US) per oz, Canreos Minerals reports.
The company says it mined 65,000 tons of ore grading an estimated 0.15 oz gold per ton during the third quarter of this year, plus 30,000 tons of low grade ore grading an estimated 0.06 oz, from its property located in the Missanabie area of northeastern Ontario.
Shipments to the Kidd Creek smelter under a fluxing contract during the third quarter were 22,000 tons, with a further 36,000 tons planned for the fourth quarter to complete contractural commitments.
Canreos is hoping to find sufficient reserves to justify construction of a mill. The company this month started a 25,000-ft drilling program at the property.
Canreos also plans a 20,000-ft drilling program this winter for the Melba property situated near Kirkland Lake, Ont., which the company is acquiring under an option agreement.
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