Black Swan states reserves for gold project in Australia

An updated reserve estimate was released by Black Swan Gold Mines (TSE) for its Whistler gold mine project in Western Australia.

Proven and probable reserves available to the Whistler mill are now reported as totalling 508,000 tons grading 0.15 oz. gold per ton from all sources.

The bulk of this reserve, some 418,000 tons grading 0.1 oz. gold per ton, is considered amenable to open pit mining techniques, with the remainder classed as underground reserves.

Black Swan owns 100% of the Whistler mine property which produced 11,957 oz. gold from the start of operations in December, 1990, to June 30, 1991. A total of 121,949 tons was processed at a millfeed grade of 0.1 oz. gold per ton during this period, for a recovery rate of 97.6%.

Black Swan has interests in other mineral properties in Australia. The company recently signed an agreement allowing a subsidiary of the French company Cogema to earn a 51% interest in the Mungari gold project near Kalgoorlie.

In a separate development, Battle Mountain Australia recently withdrew from a joint venture on the Carlinga Well property near Geraldton. The property is held 40% by Black Swan.

Black Swan reports that Battle Mountain’s exploration results are now being reviewed by another major mining company which has expressed interest in joint venture participation.