A $4.2-million exploration program at the Chester Twp. project south of Timmins, Ont., is producing some encouraging results for partners Chesbar Resources (ME) (60%) and Murgold Resources (VSE) (40%).
Chesbar says the current underground program has accessed the No 3 vein system on the 400 ft level, where 91 ft of drifting on the vein has averaged 0.30 oz gold per ton across 5 ft.
Drifting and drilling are continuing as the decline ramp is extended to its target of 500 vertical feet.
Several drill holes which recently tested the down dip extension of the No 3 vein system have produced the following intersections: Hole No Core Length (ft) Oz gold/ton 88U-38 4.5 ft 0.312 oz 88U-44 4.0 ft 3.24 oz 88U-45 2.0 ft 1.09 oz 88U-46 5.5 ft 0.318 oz 88U-47 9.0 ft 0.178 oz
5.0 ft 2.480 oz
Previously reported reserves at Chester Twp. are estimated at 423,546 tons averaging 0.223 oz gold per ton, but the joint venture partners are expected to upgrade these figures as work proceeds.
When the current program is completed later this year, Chesbar and Murgold will consider the feasibility of operating a gravity test mill at the property, said President Terry Flanagan.
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