Underground exploration by Hayes Resources on the former producing Cliff gold mine in Alaska, has confirmed the presence of a high grade vein. Held under option from Dasher Resources, the Cliff property has been dewatered and partially rehabilitated.
Work on the 550-ft level of the mine tested a 240-ft section of the Trustee vein. Hayes took 39 samples which yielded an average assay of 5 oz gold per ton across 5.5 inches. Diluted across a mining width of 4 ft, the grade declines to 0.7 oz.
Although the property has no proven reserves, Hayes has in structed its consulting engineers, Watts Griffis & McOuat, to prepare a study of the operating and capital cost requirements needed to reopen the mine. At a rate of 100 tons per day, Hayes believes the property could produce 25,000 oz of gold per year. Assuming a gold recovery of 95%, actual production is closer to 23,000 oz per year.
A work program being prepared for Hayes will include the completion of the rehabilitation of the mine workings and the establishment of drill stations for testing of the Trustee and Cliff veins at depth. Hayes notes that the property has never been drilled.
Hayes can earn a 100% interest in the property by spending $750,000(US) on exploration and issuing 900,000 common shares to Dasher.
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