Noranda ups reserves at Banbury’s B.C. bet

Drilling by Noranda Exploration has increased reserves on Banbury Gold Mines’ Hedley, B.C., property. Noranda has the right to earn a 51% interest in the property by spending $3 million before the end of 1989. About $1.2 million has been spent over the past three years.

The drilling programs have targeted three zones. Seven drill holes in the 86 zone (drilled in 1986) delineated 1.7 million tons grading 0.06 oz gold per ton. The 87 zone shows 2.3 million tons grading 0.04 oz. The South Contact underground zone, which had been explored by Banbury before granting an option to Noranda, is estimated to contain 176,369 tons grading 0.32 oz in the proven, probable and possible category.

Banbury President Douglas Dewar suggests total contained gold in the three zones is between 225,000 and 250,000 oz. Noranda is continuing work on the property this season.