Preview Lake partners Windarra Minerals (TSE) (20%), Cameco (TSE) (50%) and Uranerz Exploration and Mining (30%) have agreed to spend $2 million to look for additional reserves at the Contact Lake deposit in La Ronge, Sask.
Next month, the joint venture will commence a 42,600-ft. drill program to test two zones (the BK3 and Upper zones) from on top of the ice on Contact Lake.
The program includes infill drilling to test secondary targets in the area of the BK1 and BK2 zones and deep drilling to test the downward extensions of these zones.
Minable reserves in the BK1 and BK2 zones stand at 1.3 million tons grading 0.24 oz. per ton, including 338,314 oz. of recoverable gold. This estimate is based on a feasibility study completed in July,
Before going underground, the Preview Lake joint venture elected to do additional drilling in a bid to establish more reserves within and adjacent to the 2-mile Bakos structure which hosts known zones.
The feasibility study states that a 700-ton-per-day operation can be built at a cost of $39 million after minable reserves have been confirmed and detailed project engineering and diamond drilling have been completed.
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