Cyprus Canada, a unit of Cyprus Amax Minerals (CYM-N), has completed drilling on the Key Lake property of Roxmark Mines (RMK-T), near Geraldton, Ont.
Cyprus is evaluating this and other, nearby properties for their open-pit potential. The company can earn a 60% interest by spending $2 million over four years.
Reserves are estimated at 10.3 million tonnes grading 1.49 grams gold per tonne, which is equivalent to 492,000 contained ounces of gold. This reserve is based on 2,270 metres of drilling in the current 13-hole program, as well as previous drilling by other companies. The deposit is based on a strike length of 735 metres to a depth of 200 metres, averaging 25 metres in width.
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