Ongoing definition drilling has enabled Goldcorp (G-T) to report a 47% increase in high-grade reserves at its Red Lake gold mine in northwestern Ontario.
High-grade, probable reserves are calculated at 1.9 million oz., contained in 1.4 million tons with an average cut grade of 1.36 oz. per ton. Total proven and probable gold reserves, including the high-grade and sulphide ores, stand at 2.27 million oz., contained in 2.4 million tons at an average grade of 0.94 oz. per ton.
The calculations are based on 495 holes that defined 17 zones contained in a vertical distance of 1,500 ft. between levels 30 and 40. An average of 22% of dilution at zero grade was added in the reserve calculation. The consulting firm Watts Griffis & McOuat has audited and confirmed the high-grade reserves at the Red Lake mine.
The Red Lake mine is not operating at the moment, owing to a lengthy labor dispute. However, definition and exploration drilling are continuing, along with a feasibility study for the first phase of a development plan aimed at exploiting the high-grade reserves.
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