A 15,000-ton vat heap leach test will be performed this summer at the Colomac property held under option by Neptune Resources. The property, located in the N.W.T., is held under option from Johnsby Mines, a company controlled by Discovery Mines and Hydra Exploration.
The vat test will be conducted on material from the Colomac deposit, hosting drill-indicated reserves of 13 million tons grading 0.085 oz gold per ton. In addition to the vat test, additional drilling will be carried out in order to better define the reserves.
Based on the present exploration and development schedule, Neptune says a production decision could be made by November, 1988. Based on pre-feasibility studies completed, the Colomac deposit is believed capable of supporting an open pit heap leach mining operation producing gold at a rate of 100,000 oz per year.
Neptune has the right to earn a 60% interest in the property after spending $4.5 million over a 4-year option period.
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