Noramex Minerals says a $200,000 exploration program is under way at its Bunce gold project near Lovelock, Nev. The work is being funded by Calvada Resources which can earn a 60% interest for $1.6 million and an independent feasibility report recommending production.
The program will include extensive trenching and 8,000 ft of reverse circulation drilling. Results to date have demonstrated continuous gold mineralization on surface over widths of 55-100 ft and more. One of the better gold zones included 75 ft of 0.115 oz gold and there was 25 ft of 0.124 oz in a short exploration shaft.
Ore reserves are estimated to be 85,000 tons grading 0.074 oz gold in the Discovery zone which Noramex says is open in three directions on surface and also to depth. Metallurgical test work indicates the Bunce ore is readily leachable, the company adds.
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