Big jump in reserve figures at McNellen/Muscocho bet

McNellen Resources reports a nearly 60% increase in the calculated reserve figure for its jointly- owned Magino gold project, about 60 miles east of Hemlo, Ont.

Muscocho Explorations is McNellen’s 50/50 partner in the project, and is operator.

Based on results from this year’s surface diamond drill program, drill-indicateds reserves for the project are now estimated at 1,066,836 tons, averaging 0.25 oz gold per ton, according to McNellen President A. R. Patte.

That’s a 59% jump over the calculated reserve figure at the conclusion of last year’s drilling, Mr Patte said.

He tells The Northern Miner the new reserve figure doesn’t include a new section to the northeast of the main central ore zone where detailed drilling has been outlining substantial additional tonnage. Final data is expected in on this within the next two weeks.

This year’s drilling has extended the known length of the host gold- bearing structure to 5,400 ft, more than double the length known last year.

The McNellen president notes that reserves are calculated down to only the 450-ft horizon, while surface drilling has confirmed persistence of gold values to below 800 ft.

He said current efforts are being concentrated on sections to be made accessible through a decline ramp, completed to date for a slope length of 1,500 ft to the 200-ft horizon.

Under way is a $1.26-million second phase of the underground and surface exploration program, which will consist of 25,000 ft. of surface drilli ng, 10,000 ft of underground drilling and 1,300 ft of drifting and cross-cutting.