Drilling at the Mount Nansen project, 190 km northwest of Whitehorse, Y.T., indicates that two of the four gold-silver deposits have extensions along strike and that at least one mineralized zone has a possible extension to depth.
Since the 1980s, owner BYG Natural Resources (TSE) has been working towards putting the deposits into production. Chevron (NYSE) had participated in a joint venture from 1985, finally selling its 31% interest back to BYG in 1989. Before BYG acquired the property, Mount Nansen Mines had produced small quantities of gold from 1968 to 1969, but threw in the towel a short time later when refractory sulphide ores proved too much of a problem for metallurgists.
Cumulative reserve figures for the four deposits are 1 million tonnes, grading 7.38 grams gold and 148 grams silver per tonne. About 750,000 tonnes are measured and indicated reserves. A 5-year convertible debenture for $3 million has been placed with a French investment fund, and the proceeds will be used for continued development of the deposits.
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