A surface and underground exploration program costing an estimated $7.5 million is being undertaken this year on the Goldboro property in Nova Scotia by Orex Exploration (ME) and Onitap Resources (TSE). Orex has an option to earn a 50% interest in the property by bringing the project to the final feasibility stage by the end of 1989. This year’s program includes 40,000 ft of surface drilling, and dewatering and rehabilitation of an existing shaft.
An estimated $2.75 million will be spent in 1989, that year’s program including underground drilling, bulk sampling and a 460-ft extension of the shaft which will provide access to mineralization found between 400 ft and 800 ft.
Current undiluted, drill-indicated reserves stand at about 1.1 million tons grading 0.19 oz gold per ton.
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