Exall Resources (EXL-T) has completed an exploration ramp at the Glimmer gold mine near Matheson, Ont., and is now excavating an underground bulk sample.
Exall holds a 65.53% interest in the project, with the remainder belonging to Glimmer Resources (GME-V). By March, the companies plan to be shipping ore to the nearby Stock mill, owned by St Andrew Goldfields (SAS-T).
The ramp was advanced to the first zone, and the company is stockpiling mined material on surface prior to milling.
Following positive bulk-sample tests, Exall could bring the mine into production as early as July at an annual rate of 65,000 oz. gold, with cash operating costs of US$220 per oz.
Minable reserves amount to 500,000 tonnes grading 0.36 oz. gold per ton. The deposit remains open at depth and along strike.
Exall reports that hole 198, recently collared between the east and west orebodies, intersected 226.7 grams gold per tonne across 1 metre. Diluted to a minable width, the intersection cut 137.1 grams gold across 1.8 metres.
The result opens up the possibility that the previously unexplored central portion of the Glimmer property may contain gold mineralization contiguous with the known mineralized bodies on its flanks.
A second hole, 197 (also collared in the central zone but 12.5 metres west of DDH 108), intersected 10.6 grams gold across 1.8 metres.
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