Detailed analysis of geologic and assay data from the 1987 exploratory drilling program at Steelhead Resources’ (VSE) Excelsior Mine, Whatcom Cty., Wash., has revealed gold and silver reserves greater than expected.
The data indicates a probable ore reserve of 5.9 million tons using a cut-off grade of 0.02 oz gold equivalent, or 4.1 million tons using a 0.03-oz gold equivalent cut-off grade.
Average ore grades are: 5.9 million tons of .0333 oz gold and 2.047 oz silver or 0.067 oz gold equivalent.
The higher cut-off grade results in a reserve figure of 4.1 million tons 0.42 oz gold an 2.600 oz silver or 0.085 oz gold equivalent at a 60:1 silver-to-gold ratio.
According to Steelhead President Wallace McGregor, there is evidence that mineralization continues beyond the area of exploration, to the west and north. Steelhead plans to conduct further drilling over the next few months to determine the extent of mineralization, and to test possible new precious metals occurrences within the claim block.
“As the exploration and development program evolves, we are working closely with U.S. Forest Services representatives, concerned local and state government agencies and environmental organizations to develop the Excelsior Mine within the appropriate environmental guidelines,” says McGregor.
Steelhead Resources is a producer of sodium and potassium feldspar for the ceramics industry, zeolite minerals for environmental water reclamation/toxic waste treatment fields and is developing precious metals deposits.
Be the first to comment on "Steelhead reserves better"