Reserves lower than expected at Granges gold bet

Reserves at the Tartan Lake gold project of Granges Exploration (TSE) and Abermin Corp. (TSE) may be lower than the “drill-indicated grade originally set out in the feasibility study,” says Abermin president, Roger P. Taylor.

Abermin released news of the finding last Monday, noting that the feasibility grade was the basis of its “election to participate,” suggesting some liability on the part of Granges. Apparently Strathcona Mineral Services has recommended the mining and processing of a bulk sample from the 260-m level which has the best widths and presumably the most consistent and representative grades.

Taylor says that if Strathcona’s preliminary assessment is confirmed, “the Tartan Lake mine should be operated on a significantly reduced scale and that other exploration targets in the area should be assessed.” The bulk sampling program is being supervised by Strathcona and results are expected within four weeks. Granges and Abermin are equal participants in the project.