As expected, Donald Smith, president of Acadia Mineral Ventures of Toronto has increased the reserve estimate on the company’s Mooseland property in Nova Scotia.
Speaking at a meeting of Maritime investors in Halifax last week, Smith announced reserves are estimated at 2.1 million tons grading 0.39 oz gold per ton.
The deposit, hosted in Meguma terrain, is divided into two zones. Reserves in the west zone stand at 1.1 million tons at 0.35 oz, Smith says, and reserves on the east zone are estimated at one million tons at 0.41 oz.
Hecla Mining, a major U.S. mining company, is expected to announce next week that it will develop the property towards production to earn a 60% interest.
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