An updated reserve estimate released by Placer Dome (TSE) for the Pipeline gold deposit at its 60% owned Cortez joint venture property in Nevada shows a 30% increase in contained gold.
The deposit is now estimated to contain preliminary reserves of 16.7 million tons of oxidized material grading 0.21 oz. gold per ton. This represents 3.5 million oz. gold, up from the earlier estimate of 2.7 million oz.
An additional 1.4 million tons of carbonaceous material grading 0.23 oz. gold has been identified, as well as 315,000 oz. gold contained in material amenable to heap leach treatment.
The total resource at Pipeline is now estimated to be 4.2 million oz. gold; however, about 38% of this resource is the subject of legal disputes involving Gold Fields Mining and other parties.
Placer Dome says it is “vigorously defending itself,” and asserting claims and counterclaims against third parties claiming rights to part of the deposit.
The company is continuing a feasibility study for Pipeline which is expected to be completed early next year.
Kennecott holds the remaining interest in the Cortez joint venture.
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