Based on calculations from an independent engineering firm, Quest International Resources (QIX-T) has released an updated resource estimate for the Damoti Lake gold project, north of Yellowknife, N.W.T.
Resources in all categories stand at 1.6 million tons averaging 0.274 oz.
gold per ton, which represents 455,551 contained ounces. Of this total, 178,900 tons grading 0.365 oz. are classified as measured, while a further 865,630 tons of 0.268 oz. are described as indicated.
Known gold resources at Damoti Lake are hosted in a 2.5-mile length of outcropping banded iron formation. The structure continues in other areas of the property but has yet to be fully tested.
Last summer, Quest began underground exploration in the Horseshoe area with the goal of testing high-grade mineralization defined by surface drilling.
Two levels were subjected to about 680 ft. of drifting, which enabled the company to identify high-grade gold zones associated with massive sulphides.
The underground program enabled the company to extract and stockpile 4,000 tons grading 0.6 oz. gold for future processing. At the same time, a minable reserve of 16,210 tons grading 0.919 oz. was delineated. Ongoing work is expected to increase this resource.
Last year’s exploration effort generated targets for the 1997 drill program, which will include 10,000 ft. of core drilling. The program will begin in the Horseshoe area and then extend to nearby targets.
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