Pangea Goldfields ups reserves at Fenn-Gib

Toronto-listed Pangea Goldfields (TSE) has increased reserves at its Fenn-Gib gold property near Matheson, Ont.

Following completion of a 7,500-metre drill program in the Main zone, reserves jumped by 74% to 40.6 million tonnes averaging 1.33 grams gold per tonne at a cutoff grade of 0.5 gram. These figures equate to a reserve base of 1.7 million oz.

Of these reserves, almost three-quarters are found 250 metres from surface, while more than 90% are drill-indicated in a 500-metre-long section between lines 1200E and 1700E. Mineralization remains open at depth and to the east.

As a result of the increased reserves, Pangea will revise the optimum pit design. Minable reserves in the pit will be calculated using a 0.5-gram-per-tonne cutoff and a minimum mining width of 10 metres. The company will also determine the viability of mining the higher-grade, underground reserves utilizing a decline from the bottom of the pit.

In addition to increased reserves, drilling 2 km east of the Main zone has confirmed the presence of a mineralized shear zone. The zone was cut by Hole G-95-100, which intersected a 3.2-metre section that averaged 3.5 grams gold.

With the completion of the recent program, total drilling at the Fenn-Gib property has reached 40,000 metres. Additional drilling will be carried out to test the mineralized shear zone along strike and at depth.