Consolidated Professor increases Duport reserves

A revised mineral reserve calculation has been completed by Consolidated Professor Mines at the company’s Duport gold property in northwestern Ontario. Based on data from a $5.83-million surface and underground exploration program, the deposit hosts reserves of 1.88 million tons grading 0.35 oz gold per ton — up by 350,000 tons over previous estimates.

More importantly, Professor notes that of these reserves 907,000 tons grading 0.39 oz have been placed in the proven-probable category. The reserve calculation is based on a grade cut off of 0.15 oz and a minimum width of four ft. The weighted average width of all the reserve blocks is 7.7 ft. Mining dilution is expected to range from 10%-30% in individual stopes, the company says.

The exploration program, which was completed in August, included 45,000 ft of underground drilling and extending the decline ramp to a depth of 660 ft. An engineering feasibility study being undertaken by Wright Engineers, is in progress. A preliminary economic evaluation, based on a 450-ton-per-day milling rate to yield 40,000 oz per year, is expected this month.

Consolidated Professor notes that the report will place emphasis on the treatment of concentrates. The Duport ore, which is refractory in nature, will require additional treatment for the economic liberation of gold.

Funding for this year’s exploration program came from Conwest Exploration which took down Consolidated Professor common shares on a flow-through basis. Also, flow- through share placements with mvp Exploration (1987) and Richardson Greenshields, provided funds for the program.