A reserve calculation has been completed by Tundra Gold Mines (VSE) for a portion of the Lamaque exploration lands near Val d’Or, Que. The property is shared equally between Teck Corp (TSE) and Tundra which spent more than $9 million to earn its interest. According to Tundra geologists, drill-indicated reserves in the eastern extension of the No 4 plug total 427,948 tons grading 0.146 oz gold per ton. The calculation follows the practice at Lamaque of diluting by 20% and cutting all high grade assays to one ounce. Uncut and undiluted, the grade averages 0.32 oz. These reserves have been outlined below the 700-ft level — the lowest level mined to date.
Combined with previously reported reserves of 517,200 tons grading 0.139 oz, the total reserve in the plug is 945,148 tons grading 0.142 oz, Tundra reports.
Additional reserves are expected to be outlined on several other zones on the property. These include the 35, 10 and 1 veins on the property. Golden Pond Resources (VSE), a company controlled by Tundra, holds an option to earn an interest in a property covering the 10 and 1 veins. Reserves on the 10 and 1 veins are estimated at 220,000 tons grading 0.225 oz and 164,000 tons grading 0.26 oz respectively.
According to Teck, the project operator, a minimum threshold reserve of one million tons is required to warrant the reopening of one 600-ton-per-day circuit in the shut down Lamaque mill. The mill has a capacity for 1,800 tons. Tundra feels this threshold will be exceeded shortly as exploration continues to build reserves.
The Lamaque, which was shut down in 1985, produced more than 4.5 million oz of gold from 26.5 million tons of ore grading 0.17 oz. The mine operated for more than 50 years.
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