An underground drilling program has expanded proven and probable reserves by 9% to 907,000 tons grading 0.29 oz. gold per ton at the Madsen gold mine near Red Lake, Ont.
The mine, owned by Madsen Gold (TSE), produced over 2.4 million oz. gold between 1938 and 1976.
Madsen recently added a third drill to the underground program, and started recommissioning the permanent hoist and refurbishing the ore bins on surface and below the second level. Pumping is scheduled to start by month-end, aimed initially at dewatering the mine to below the seventh level.
The dismantling of the Dona Lake mill, purchased late in 1994, is over 60% complete. Madsen is moving the mill from the Dona Lake mine site near Pickle Lake, Ont., to the Madsen mine site.
The company has been drilling from the second level of the Madsen property west of the shaft to explore the McVeigh West zone. Two new zones have been found in this area, both consistent in attitude and grade. The hangingwall zone, with a strike length of 210 ft., grades 0.327 oz. gold per ton over 8 ft., while the footwall zone, with a strike length of 140 ft., grades 0.318 oz. over 5.5 ft.
Hole No. 2MD-2 cut both zones, separated by 10 ft. averaging 0.105 oz. gold per ton, thus indicating an overall grade of 0.228 oz. per ton over 30 ft. The zones lie within a 200-ft.-wide tuff horizon which appears geologically similar to the mine’s main Austin tuff in structure and mineralogy.
Madsen is also drilling untested areas of the South Austin tuff horizon between the second and fourth levels, and is preparing new drill stations on the second level east of the shaft to investigate the 2.30 zone and continue exploring the area above the 4-14 stope.
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