The deposit, in Central Yukon, is estimated to contain drill-indicated reserves of 2.5 million tons grading 1.83% copper, 2.67% lead, 4.99% zinc, 1.94 oz silver per ton, and 0.033 oz gold. In addition, the company estimates drill-inferred reserves of 1.3 million tons of similar grade.
The deposit is open in all directions and NDU plans a 25,000-ft drill program for 1990. The objective of the drilling will be to increase drill-indicated and inferred reserves to in excess of 10 million tons.
Up to this point, Noranda Inc. (TSE) has been funding exploration on the Marg deposit through private placement financings. Noranda now holds about 10% of the company with options to increase its position at prices well above market.
The company remains in good financial condition with about $1 million in working capital.
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