River Gold Mines (RIV-T) has half-finished the milling of the first batch of ore from the Edwards mine, 50 km northeast of Wawa, Ont.
The company has recovered 16,155 oz. gold from 27,950 tonnes of Edwards ore, for an average recovered grade of 0.52 oz. gold per ton. The recovered grade was initially 0.32 oz. gold but recently topped 0.66 oz. gold.
Daily average mill throughput has been 650 tonnes, while the recovery rate has been 97%.
The owner of Edwards, VenCan Gold (vcg-m), leased the mine to River in 1996 for $500,000 cash and 50% of the net operating profit. VenCan’s 1992 ore inventory report for Edwards listed a drill-indicated reserve (classified as probable) of 43,915 tons grading 0.964 oz. gold per ton (uncut) — all within 200 ft. of surface.
After the initial Edwards mill run is complete, River will resume processing ore from its own Eagle River mine, which is 18 km from the mill.
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