Project operator Breakwater Resources (TSE) has also deferred a decision to place Estrades into production, “pending further review of the feasibility of the project.” The company can earn a 70% interest from Golden Group Explorations (VSE) and Golden Hope Resources (VSE).
Proven and probable mineable reserves are reported as 941,400 tonnes grading 5.60 g (0.16 oz) gold per tonne, 183 g (5.3 oz) silver, 0.96% copper, 0.92% lead and 10.69% zinc. The calculation is based on a $80-per-tonne net smelter return cutoff, a minimum 1.5 m mining width and a cut-and-fill mining method.
Breakwater’s review of the project is expected to involve an evaluation of its potential to host additional reserves. So far the company has earned an initial 20% interest in Estrades by funding $3 million of exploration including the preparation and delivery of a feasibility study. An additional 50% interest can be earned by financing the property into production by June 30, 1992.
In other news, Breakwater acquired an additional 1.7 million shares of Noramco Mining (TSE) to increase its holdings to 29.9%. Breakwater said the shares were acquired for “investment purposes.”
]]>
Be the first to comment on "Breakwater defers production decision on Estrades"