A recently completed independent calculation of reserves at the Ryan Lode property near Fairbanks, Alaska, confirms and expands previous estimates made by owner La Teko Resources (VSE).
Mine Development Associates, a Reno-based consulting group, estimates the property contains a proven and probable gold resource of about 22.3 million tons grading 0.047 oz. gold per ton.
The contained 1.04 million oz. of gold compares favorably with an earlier La Teko estimate of a contained resource of about 910,000 oz.
Gold mineralization occurs in vein and shear zones within a quartz porphyry pluton as well as in surrounding schists intruded by the pluton. The resource calculation is based on about 145,000 ft. of core and reverse circulation drilling on 100-ft. centres.
La Teko defines a “resource” as a body of material defined in three dimensions but not explored sufficiently to determine its minability. Mine Development is now completing a reserve estimate on the project. La Teko defines a “reserve” as that portion of the resource which can be mined at a profit.
This summer, La Teko estimated the project’s proven and probable reserves at about 6.1 million tons grading 0.082 oz. gold based on a gold price of US$350 per oz.
Within the reserve, the company estimates three small high-grade pits contain about 616,000 tons grading 0.17 oz. gold.
La Teko holds a 20-year mining lease on the Ryan Lode property subject to a royalty. The royalty totals 5% of gross metal value produced and requires advance payments of US$100,000 each year in 1993 and 1994, increasing to US$200,000 per year through to 2013.
The company reports that it is now negotiating with several investment groups and major mining companies to provide financing to place the property into production.
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