No Headline (November 13, 1995)

Based on a review of drilling results from the Grizzly deposit at the Golden Bear mine property in northwestern British Columbia, Wheaton River Minerals (TSE) estimates that the project hosts proven and probable reserves of 153,000 tonnes grading 20.5 grams gold per tonne.

This reserve calculation is based on a 12-gram gold cut-off grade, with all high-grade assays cut to 34.3 grams.

The reserve was drilled off from a 1-km-long decline, which Wheaton is keeping partially dewatered pending a decision on further development.

In the meantime, the consulting firm of Strathcona Mineral Services is working on a feasibility study for the Ursa and Kodiak A deposits situated a few kilometres north of the Grizzly zone.

Wheaton hopes to re-start the Golden Bear mill next summer to process high-grade ore from the Ursa deposit, which is estimated to contain geological reserves of 209,000 tonnes grading 23.3 grams gold on an uncut basis.

Strathcona is studying the possibility of mining the Ursa by open-pit methods, rather than by underground methods as initially anticipated. Both the capital cost and the lead time to production could be reduced if the Ursa can be mined by open-pit.

Before the Ursa deposit is depleted, production would move to the nearby Kodiak A deposit which contains a heap-leachable, geological reserve of 543,000 tonnes grading 4.4 grams gold on an uncut basis.

The Golden Bear property is owned by North American Metals (VSE), which in turn is owned 81.4% by Wheaton River. North American also owes Wheaton over $60 million.

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