An 8-hole drill program representing 10,000 ft. is planned by Glimmer Resources (VSE) for its 40% owned gold property in Beatty and Hislop twps. in northeastern Ontario.
President George Kent says Glimmer and project partner (and operator) Hemlo Gold Mines (TSE) “agree within acceptable limits on the number of ounces found to date and on anticipated operating costs” but have yet to agree on capital cost estimates and the amount of working capital needed. Current reserves are estimated to be almost 1.1 million tons grading 0.34 oz. per ton (cut and undiluted).
Kent says a third indicated mineralized zone and several other near-surface targets remain to be drilled. The deepest hole of the next drilling program, he says, will extend to about 1,500 ft. vertically below surface. Estimated cost of the program is $250,000.
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