Golden Bear ready to roar in ’96

With new minable reserves calculated for the Kodiak A and Ursa deposits, North American Metals (VSE) is preparing to begin a 170,000-tonne heap-leach operation at its Golden Bear property in northwestern British Columbia.

Wheaton River Minerals (TSE), which controls North American, says production cost estimates indicate that heap leaching will be the most profitable option for both deposits.

Originally, the company considered processing the higher-grade Ursa material through the existing 360-tonne-per-day mill.

Strathcona Mineral Services estimates the diluted minable reserve in Kodiak A at 825,000 tonnes grading 3.3 grams gold per tonne, with a stripping ratio of 1-to-1.

The diluted minable reserve in the Ursa zone is estimated at 479,800 tonnes grading 6.8 grams gold, with a stripping ratio of 6.3-to-1.

Heap-leach column tests returned a 90% recovery in six days from the Ursa mineralization, while, at Kodiak A, a recovery of 90% in 20 days was reported.

Wheaton anticipates heap-leaching 170,000 tonnes of Kodiak A material this year, with production capable of being expanded to include both deposits over the ensuing three years.

The company expects to use the 350,000-tonne-capacity pad, which was partially completed in late 1994 before heavy rains forced construction to be discontinued.

New discoveries on the property postponed heap leaching in 1995, but permits remain in place.

Kappes, Cassiday & Associates of Reno, Nev., will calculate heap-leach design and final costing estimates for both the Kodiak A and Ursa deposits.

The feasibility study is expected by mid-March, and Wheaton is examining its financing options.

Meanwhile, Wheaton is planning to conduct definition drilling on Kodiak B, as well as sampling of the East Low-grade stockpile.

At last report, Kodiak B was estimated to contain 247,000 tonnes grading 7.8 grams gold, while the low-grade stockpile resource was projected at 2.5 million tonnes grading 1.3 grams gold.

Drilling is also planned for several targets within the carbonate complex hosting the Kodiak A and Ursa deposits.

More than 80% of North American Metals is owned by Wheaton River Minerals (TSE), and the Vancouver junior also owes Wheaton 116,000 oz. of gold plus $17

million.

Wheaton has 27.8 million shares outstanding and roughly $1 million in working capital.

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