Joint venture partners Granges Inc. (TSE) and MacMillan Gold Corp. (TSE) are at the pre-feasibility stage of development on their 22,500-acre property situated in the active Mishibishu Lake gold camp.
As operator, Granges reports that undiluted, geological open pit reserves on the No 2 lens now stand at 751,000 tons at a grade of 0.125 oz gold per ton. Current underground reserves in the 4, 6, 8 and 10 lenses (using an 0.102 oz cut-off grade) were re-calculated to 565,000 tons grading 0.221 oz.
According to MacMillan, these new calculations are based on extensions of drill data to a radius of about 40 ft from the hole. Additional tonnage is expected to be confirmed through underground evaluation and in-fill drilling.
The partners previously reported over-all geological reserves of 1.1 million tons (utilizing an 82 ft drill radius) at a grade of 0.17 oz. Open pit reserves were previously reported as 760,000 tons of 0.098 oz gold.
To date the partners have completed in excess of 180,000 ft of diamond drilling on the holdings which extend 17 miles in length. A $1.8-million budget was recently approved for the balance of this year.
Work will include further definition of both open pit and underground reserves in the Main zone and intensive exploration of other zones which extend for 4.5 miles west of the Main zone.
The companies said this largely unexplored east block of the property will be further developed this season, with particular emphasis on the base metals/gold potential of the East Katzenbach zone.
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