Flanagan and partners exceed reserve numbers

Estimated reserves at the Magnacon gold project northwest of Wawa, Ont., are strongly exceeding original expectations, the three joint-venture partners report.

The companies involved in the project are Flanagan McAdam Resources (50% interest), Muscocho Explorations (25%) and Windarra Minerals (25%).

Underground exploration has generally produced grades in excess of surface drill estimates, the joint venture reports. Last reserve estimates were 700,000 tons averaging 0.16 oz gold per ton.

Results from the new drift at the 1,350-ft level emphasize the better grading: the first 12 rounds (representing a length of 165 ft) averaged 0.49 oz over a width of 6.8 ft. That result is in excess of drill-indicated grades in the immediate section, repeating the experience on the original level at 1,150 ft, where a 511-ft length was opened in the main vein averaging 0.43 oz over 6.8 ft and a further 107 ft was opened in a branch vein which averaged 0.24 oz over 6.6 ft for a length of 107 ft. These averages were about 30% higher than drill indications in the sector. Two of three raises from the 1,250 horizon were also highly pleasing. One of them, on the Main vein, averaged 0.16 oz over 6.94 ft for a raise length of 155.6 ft (full width is not yet known). The raise in the branch vein averaged 0.66 oz over 5.77 ft for 106.5 ft.

Drifting on the 1,250 horizon is scheduled to resume shortly, while drifting is continuing on the new 1,350 horizon. At the same time, a drive is being continued to the west to access what is known as the West Extension zone. This drive has provided drill stations for the underground drilling in progress to detail strike extensions of the main zone. There has been some down-dip drilling as well.