The Jolu gold property in northern Saskatchewan is head ing for production in 1989, with the operator of the project, Royex Gold Mining, currently making plans for a 450-ton-per-day mill.
Toronto-based Royex has a 30% interest in the project, while Mahogany Minerals Resources of Vancouver holds the remaining 70%. Royex has agreed to arrange production financing for the property located in the La Ronge area.
Forecast for the fiscal year ending Sept 30, 1989, is produc tion of 40,000 oz gold from the Jolu project.
An underground exploration program has been carried out on the property and a feasibility study has been prepared by Bechtel Canada Engineers Ltd.
According to Royex, Bechtel estimates total mineable re serves (mostly in the proven and probable categories) above the 800-ft level to be 390,000 tons grading 0.34 oz gold, while between 800 ft and 1,500 ft, probable and possible reserves are estimated to be 289,000 tons grading 0.26 oz. The deposit is open at depth.
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