A new resource estimate for the Taylor property west of Matheson, Ont., puts the indicated and inferred resource in the three known mineralized zones at 3.1 million tonnes grading 10.3 grams gold per tonne.
The new resource, calculated for owner
The resource is actually made up of three separate zones near St Andrew’s existing Taylor shaft. The largest of the three zones is the West Porphyry, where a resource of 1.3 million tonnes grading 11.7 grams has been assigned to the indicated category and a further 437,000 tonnes grading 13.4 grams are inferred.
The West Porphyry was drilled on a 50-by-30-metre grid to test its orientation and continuity at depths of 300-450 metres. At shallower depths, drilling at wider intervals has tested two other zones, the Shaft and Upper Zones, up-plunge from the West Porphyry.
There is no resource yet calculated on the Upper, but the Shaft zone carries an indicated 446,000 tonnes grading 11.3 grams per tonne, and an inferred 116,000 tonnes grading 19.2 grams.
West of the West Porphyry is the Shoot zone, a lower-grade body carrying an indicated 778,000 tonnes at 5.1 grams and an inferred 83,000 tonnes grading 5.5 grams.
A further 105 mineralized intersections were not included in the resource estimate, and the company plans to drill these areas to see if more mineralization can be blocked out.
St Andrew is going ahead with mine planning and cost estimates that will form the basis of a prefeasibility study. The study will allow the company to estimate how much of the resource is actually a minable reserve.
Some preliminary results of the engineering work are available already: the company has geotechnical studies in hand that show the mineralized and waste rock are both very competent, and metallurgical testing by Lakefield Research shows gold recoveries in the high 90% range in test circuits that model the process now in use at St Andrew’s nearby Stock Twp. mill.
St Andrew posted a loss of $47,000 on revenue of $1.8 million in the recent third quarter. For the nine months ended Sept. 30, the company incurred a loss of $407,000 (2 cents a share) on revenue of $5.1 million. In the third quarter of 1997, St Andrew lost $481,000 on revenue of $1.4 million, and for the first nine months of 1997 the company lost $2 million on revenue of $2.8 million.
St Andrew’s main source of revenue is custom milling at its Stock Twp. mill, where ore is shipped from the Glimmer mine of
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