Princeton expects new estimate of minable reserves by year-end

With the recent completion of a third phase exploratory drilling program, Princeton Mining (TSE) expects to have an updated minable reserve in hand by year end for its Similco copper mine project near Princeton, B.C. To date, the company said it has received results from 159 holes representing 86,880 ft. of drilling in the immediate area of the open pit operation.

The most recent results have the company predicting an increase in both the grade and tonnage of the Virginia deposit, as well as increased potential for the discovery of additional reserves in the area.

Some 105 holes totalling 63,880 ft. were drilled at 100-ft. centres on the Virginia deposit. The company said results indicate an increase in probable reserves and copper grade from 10-15 million tons grading 0.4% copper, up from 0.32% copper previously reported, and grading 0.006 oz. gold.

The Alabama deposit, to the northwest of Virginia, is reported to contain a possible additional 10 million tons grading 0.32% copper, bringing the total potential open pit reserves to more than 25 million tons.

Based on metallurgical test work on drill core samples for both zones, the company is predicting copper recoveries in the 85% range, as compared with the 78% level currently being achieved.