Assay results from some 100 auger holes drilled by Petromet has indicated mineable reserves in the tailings of 1,282,728 tons averaging 0.049 oz gold and 0.31% copper. An additional 31 holes were completed in July.
In conjunction with the metallurgical test results, the company is also considering the economics of processing material from the small Ming West massive sulphide deposit it discovered last year on the property.
Drill-indicated geological reserves in the Ming West deposit are reported by Petromet at 110,000 tons averaging 5.6% copper, 0.37% zinc, and 0.069 oz gold. Those reserves occur between surface and 200 ft, the company said.
Petromet and Newfoundland Exploration (TSE) have equally funded $3.4 million of a $3-million program, which upon completion will earn each company a 50% interest in the Rambler property.
Past production totalled some 4.7 million tons of copper-gold ore from four separate deposits on the claims.
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