“Drilling over the past six weeks has confirmed a significant mineral occurrence in the Deep Star area,” T. P. Philip, president of Newmont, said. The latest drilling follows some equally impressive intersections which suggest that Newmont has yet another bonanza on its hands.
The discovery hole at Deep Star intersected 350 ft grading 0.768 oz per ton in August. Since then Newmont has drilled other strong intersections including 233 ft grading 0.476 oz, 253 ft grading 0.573 oz and 174 ft assaying 0.635 oz.
The Genesis and other Newmont deposits in the area host reserves containing 12 million oz. More than 37 million oz have been identified by the company in the Carlin trend by the end of 1988. This year, Newmont plans to produce 1.4 million oz — double the 1988 production of any North American mining company.
The Northern Miner estimates the Deep Star drilling has added at least three million tons of reserves to the company’s inventory containing about 2.1 million oz.
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