Recent drilling has allowed Greater Lenora Resources (TSE) to increase its reserves in the Box pit area of the Goldfields project to 13 million tons grading 0.07 oz. gold per ton.
The property is located in northern Saskatchewan.
The company reports that the total resource potential for the vertical limit of drilling (to a depth of 850 feet from surface) is 28.7 million tons grading 0.05 oz. per ton.
The deposit remains open below 850 feet, and continues with structure and mineralization in excess of 20,000 tons per vertical foot.
Final reserve studies are being carried out for the Athona deposit, a few kilometres east of the Box, that will incorporate results from a recent drilling campaign. This work is expected to confirm and add, within weeks, an additional 250,000 minable ounces of gold.
Greater Lenora is initiating a new 33,000-foot drilling program on the Box deposit in order to upgrade the potential reserves at depth.
A field reconnaissance program will examine several local geophysical targets of similar structure within the 70,000-acre Goldfields property.
The company expects to have a feasibility study on the mine potential of the Box and Lenora deposits by mid-July.
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