More ore possible at Box mine

Drill results at the former Box gold mine in northern Saskatchewan indicate the presence of additional mineralization at depth, and owner Greater Lenora Resources (TSE) expects reserves to increase as a result.

The Box, a former producer 15 km south of Uranium City, and the adjacent Athona deposit have a combined proven and probable reserve of 15.4 million tonnes. Lenora’s most recent estimate of the mineral resource is 1.3 million oz. gold.

In the most recent round of drilling, all but one of 22 holes returned grades above cutoff levels over substantial widths. Assays ranged from 0.79 gram per tonne over 35 metres to 0.13 gram over 38 metres. Two drills are continuing to test the Box zone at depth, while a third has been moved to exploration targets in the areas around Box and Athona.

Lenora’s outstanding purchase warrants have all been redeemed, providing about $4 million in additional working capital.

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