Drilling by partners Trimin Resources (TSE) and crown corporation Cameco on their McIlvenna Bay base metals property has expanded reserves by more than 40%. Based on an additional 18,912 ft. of drilling completed last fall, the No. 2 lens, one of three parallel sulphide-bearing lenses on the property, hosts geological reserves of 10.8 million tons grading 0.95% copper, 5.76% zinc, 0.42% lead, 0.015 oz. gold per ton and 0.73 oz. silver. This is up from the 7.7 million tons of 1.1% copper and 6.5% zinc which were known to exist before the fall drill campaign.
The tonnages are considered adequate for conceptual mine planning, Trimin and Cameco say. As a result, a feasibility study is in progress and a 1990 development budget of $7.1 million has been approved by the partners pending the receipt of a positive feasibility study. Another $800,000 will be spent on exploration on the large property. The claims, 35 miles west of Flin Flon, Man., protect more than nine miles of favorable strike.
Drilling has also expanded reserves on the No. 1 lens to 900,000 tons grading 2.23% copper, 0.84% zinc, 0.03% lead, 0.02 oz. gold and 0.45 oz. silver. Potential reserves in a new zone total 550,000 tons grading better than 2% copper, Trimin says.
A study completed by Cameco, the project operator, envisages the property entering production sometime in 1992. A 3,000-ton-per-day mine and mill carries a price tag of about $90 million and would employ 224 people.
Initial metallurgical testing has been positive and baseline data collection for environmental studies is 95% complete. Trimin and Cameco share a 32.9% and 67.1% interest in the project respectively.
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