19 million tons outlined on Goldex Extension

Partners Goldex Mines (TSE) and Ormico Exploration (ME) have successfully increased the mineral inventory at the Goldex Extension zone to 19.4 million tons grading 0.070 gold per ton. An underground exploration program completed at the end of July indicates that the GE zone, part of a gold-bearing granodiorite body, extends to the east and updip from the 1250 level on the Goldex property.

If the cutoff grade is increased to 0.08 oz., a higher-grade inventory of 9.93 million tons grading 0.087 oz.-gold-per-ton results. In both cases, values over 1 oz. were cut to 1 oz. The GE zone remains open to the east and at depth on the joint venture property and to the east and at depth to the west on the Goldex property.

Operator Agnico-Eagle Mines (TSE), drilling the GE zone from a drift on the 1250 level from Goldex’ adjoining claims, has been intersecting consistently wide zones of mineralization since the $2-million exploration program commenced in January. Recent results include 718 ft. grading 0.061 oz. gold and 496 ft. grading 0.10 oz. at depths of 1,600-2,450 ft.

Mineralization within the zone is hosted by swarms of closely spaced, irregular quartz-tourmaline veins.

Goldex (60%) and Ormico (40%) intend to continue moving east along the GE zone this month. The program will require an extension of the 1250 level drift and both underground and surface drilling.