Reserves outlined by VSM on the Grevet M total 2.24 million tonnes grading 8.79% zinc, 0.45% copper, 0.21% lead and 43.6 g gold per tonne in two horizons. The average width is 4.2 m (13.8 ft).
An additional reserve of 504,000 tonnes grading 9.37% zinc and 22.2 g silver is hosted in the nearby Grevet B deposit. “This project is very real,” Mario Caron, president of VSM told The Northern Miner. “An economic study just completed looks good,” he added.
The $1.7-million drill program will test for extensions of the Grevet M mineralization which remains open at depth and along strike towards the east.
The Grevet project is one of 54 properties held under option from Serem, the Quebec government’s mining agency. VSM can earn a 50% interest in the properties by spending $8 million on exploration. VSM’s work is concentrating on four of these properties.
A 30% interest will be earned following the expenditure of $3 million. Placer Dome Inc. (TSE) is funding the first $3 million of exploration by agreeing to purchase VSM shares on a flow-through basis at 50 cents per share. This deal makes Placer VSM’s largest shareholder.
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