Ongoing underground exploration is boosting reserves at Gunsteel Resources’ (VSE) Nugget property near Salmo, B.C.
Latest calculations show a total of 223,700 tons of ore grading 0.331 oz gold per ton. This is comprised of 75,200 tons of proven and probable ore grading 0.464 oz and 148,000 tons of marginal and possible ore grading 0.264 oz.
Exploration is concentrating on five veins with more to be included as the season progresses. Underground rehabilitation and construction of surface facilities to separate waste from ore from the exploration drifting is also under way. Preliminary steps are being taken in regard to a feasibility study for production, President Stan Endersby reports.
Gunsteel has the property under option from Nugget Mines, a family-owned company headed by Endersby. The company can earn a 50% interest by spending $2 million on exploration.
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