Following a compilation of past drilling and underground development work on the Ester Dome joint venture, 20% owner Silverado Mines (VSE) estimates preliminary reserves on the O’Dea vein stand at about 300,000 tons grading 0.31 oz. gold per ton. The system remains open to depth and to a limited extent on strike. The property is near Fairbanks, Alaska.
A subsidiary of Inco (TSE) is earning an 80% interest in the property. Inco has spent about US$1.6 million to date on the property, but must make a US$2-million payment to Silverado’s creditors before the company is vested.
Silverado is now calculating a reserve on the Ethel, a wide low-grade gold system about 2,000 ft. from the O’Dea system.
The companies have not yet released exploration plans for the coming year on the property.
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