Reserves have been increased at the Golden Pond project shared by Inco Gold Co. (60%) and Golden Knight Resources (TSE) (40%). Located in the Casa Berardi area of northwestern Quebec, the deposits host 11.68 million tons grading 0.22 oz gold per ton, Inco says. Inco Gold is a wholly-owned affiliate of Inco Ltd. The increase came from surface drilling in the Golden Pond Main zone where 1.65 million tons were added to reserves.
Construction of a mining facility at Golden Pond remains on schedule, the partners say. The $75.9-million capital program is expected to begin producing gold by September. Initial mining and milling will take place at a rate of 880 tons per day from the Golden Pond East zone. However, the leaching and recovery circuits of the mill are capable of processing 1,320 tons of ore per day. The grinding and thickening circuits have a capacity for 2,000 tons per day.
As a result, the mill can be quickly expanded to handle any future production from the other zones on the property. The most likely source of additional mill feed is the Golden Pond West zone. A $9.7-million exploration program is in progress which includes the driving of a decline ramp, bulk sampling and underground drilling. Pending positive results, the West zone could be placed into production in 1989 at an initial rate of 440 tons per day.
With the West zone in production, the mine is expected to produce more than 90,000 oz of gold in 1989.
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