Placer and MSV completing underground work at Eastmain

Results from an underground exploration program on the Eastmain gold deposit are confirming “the excellent values previously obtained by surface drilling,” MSV Resources says. Located east of James Bay in Quebec, the project is a joint venture between msv and Placer Dome Inc. msv has the right to earn a 49% interest in the property. Placer is the operator.

Following the completion of the current phase of underground work this month, the partners will calculate a new reserve and grade figure which will form part of a pre- feasibility study scheduled for completion in March, 1988. Currently, reserves stand at one million tons grading 0.45 oz gold per ton. Based on underground face and muck sampling, drilling and mapping, msv says the data has increased the confidence limits of the planned ore reserve calculation.

Some of the better sections from the underground drill program include holes 26, 27, 28 and 30. These cut 12.8 ft grading 0.54 oz, 11.1 ft grading 2.57 oz, 11.9 ft grading 0.25 oz and 3.8 ft assaying 0.38 oz respectively.