Some 10,000 tons of mineralized rock grading 0.62 oz gold per ton wi ll be mined and processed at the Gordon Lake property near Yellowknife, N.W.T., early next month, according to Claus Jensen, president of Giant Bay Resources of Vancouver. The intention is to confirm the continuity and grade of the mineralization outlined to date. Exploration drilling from a 1,600-ft decline and some 540 ft of drifting on the 200-ft level indicate proven geological reserves of 63,000 tons grading 0.43 oz gold per ton above the 300-ft level and probable reserves of 47,000 tons grading 0.87 oz to the 600-ft level. All assays are uncut.
Giant Bay had $4.3 million in cash and short-term deposits as of Aug 31 compared to just $814,000 at the same time in 1985.
The company has 6,448,588 shares outstanding, trading about $1.35.
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