Kinross can earn a 70% interest in the property from
Since the discovery of the deposit in the early 1980s, Kit and previous operators have spent about $44 million on George Lake. The work entailed the drilling of more than 900 holes (184 of which were sunk by Kit in 1997, the year it purchased the project), resulting in the discovery of six gold deposits, each within 300 metres of surface, plus several encouraging prospects.
Combined indicated resources are pegged at 4.2 million tonnes grading 9.8 grams gold per tonne; another 2.2 million tonnes at 9.7 grams are classified as inferred. The resource was calculated by MRDI Canada using a cutoff grade of 5 grams and a cutting factor of 34.3 grams.
Gold mineralization is associated with iron formation similar to that exploited by
Kinross will initially focus on the Goose Lake deposit, the largest of the six, aiming at possible strike and dip extensions. In 1997, Kit sank 14 holes in that deposit, nine of which returned the best intersections ever, including 24.6 grams over 2.3 metres and 13.5 grams over 24.2 metres.
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