Vancouver-based Madison Enterprises (MNP-V) is gearing up for more exploration at the Mt. Kare gold-silver project in Papua New Guinea and the Lewis gold property in Nevada.
At Mt. Kare, Madison is preparing for a ground geophysical survey, to begin in April. Follow-up drilling will try to expand the existing geological resource of 25.5 million tonnes grading 2.2 grams gold and 29 grams silver per tonne. The resource estimate was calculated by an independent engineering firm, which used a cutoff grade of 1 gram gold per tonne.
Mt. Kare is near, and geologically similar to, the Porgera deposit, where gold reserves, including past production, exceed 28 million oz.
At least 5,000 metres of drilling are planned for the 90%-held Mt. Kare property this year. Early-stage targets will also be tested by prospecting, pitting and trenching.
Meanwhile, at the Lewis property, Madison is about to launch a 3-phase program of reverse-circulation and core drilling combined with surface geological and structural mapping, ground geophysics, and geochemical surveys.
Lewis is in the Battle Mountain mineral belt, adjacent to the Phoenix-Fortitude gold mine property of Newmont Mining (NEM-N). In addition to the 2 million oz. already extracted, Phoenix-Fortitude has minable reserves of 174 million tons grading 0.034 oz. gold, or roughly 6 million contained ounces, plus resources.
Exploration at Lewis has already outlined a geological environment identical to that underlying the Phoenix-Fortitude property, namely a direct on-strike extension of the hosting stratigraphy, controlling structures and mineralizing styles.
At least 20,000 metres of drilling are planned for the Lewis property this year. The initial, 5,000-metre phase will be directed at the Virgin Structural zone, and the results will contribute to an initial resource calculation. Preliminary engineering and metallurgical studies are also planned.
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