Based on diamond drilling, Noranda estimates the property hosts 1.8 million tons grading 0.24 oz gold per ton. Uncut grades average 0.51 oz gold.
The deposit, which has been drilled along strike for 5,600 ft, remains open to the east and west. One drill rig is testing for the eastern extension. A second drill is testing for the depth extension of the No 6 and 8 zones to depths of 2,000 ft. The reserve estimate by Noranda is above the 1,700- ft level.
Drilling on a new discovery 3,200 ft west of the No 8 zone intersected 4.6 ft grading 0.55 oz gold and 1.3 ft grading 1.37 oz gold. Drilling will try to determine if the discovery zone represents an extension of the main zones.
Road access to the property has been completed and a 50-man camp has been erected, Central Crude says. Hemlo Gold and Central Crude hold a 60% and 40% interest in the property respectively.
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