Drilling has begun on Ican Minerals’ (TSE) Almaden gold mine in Idaho. The work will test a newly discovered zone which is 2,000 ft. northwest of the known orebody and 500 ft. lower in elevation.
In the main orebody, gold mineralization is dispersed in a chalcedonic silica cap. In the new zone, mineralization occurs in quartz stockworks and as replacement bodies in sandstone.
A feasibility study and mine plan for the Main zone estimates that 325,000 oz. gold can be recovered at US$400 per oz. The estimated cash cost is US$200 per oz.
The fact that additional reserves have been delineated could affect the profitability and life of the deposit.
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