New drill results released by MSV Resources (MSV-T) support the theory that additional deep ore exists at the Copper Rand deposit, southeast of Chibougamau, Que.
Six holes drilled on the No. 1 and No. 2 horizons at Copper Rand intersected copper and gold mineralization. The best results came from hole 36R-297, which cut 30 ft. grading 2.52% copper and 0.11 oz. gold per ton on the No. 1 horizon, and 16 ft. grading 7.11% copper and 0.54 oz. gold on the No. 2.
Other holes intersected the No. 1 over lengths of 4-21 ft., with copper grades of 0.35-2.76% and gold grades of 0.04-0.12 oz. per ton. Mineralization identified as the No. 2 horizon ranged from 3 to 6 ft., with grades of 0.84-3.2% copper and 0.14-0.17 oz. gold per ton.
MSV is calculating a new reserve estimate, expected by year-end, based on the continuing drill program. The interim figure for probable reserves is 1.57 million tons grading 1.71% copper and 0.12 oz. gold per ton, but an additional 3.5 million tons of possible resources, with slightly lower grades, are known to exist.
Prefeasibility work concluded that a total contained resource of 74 million lb. copper and 283,500 oz. gold would justify further development. MSV now believes it has a resource of close to 100 million lb. copper and 300,000 oz.
gold.
An exploration drift and drill station are expected to be ready for use this month, as MSV attempts to drill off the No. 2 horizon, between the 4,000-ft.
and 4,500-ft. levels.
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