The 1990 work program by Athabaska Gold Resources (VSE) has started on the Nicholas Lake gold property, 56 miles north of Yellowknife, N.W.T. As operator and 60% owner, Athabaska will be carrying out a diamond drill program aimed at testing depth and lateral extensions of known reserves as well as probing new areas of interest away from the Main showing.
The bulk of work to date has been focused on the Main showing, a zone of steeply dipping gold- bearing quartz-sulphide veins that have yet to be fully tested, particularly to depth.
Athabaska and 40% partner Chevron Minerals have completed 67 holes totalling 44,000 ft. on the property to date. Preliminary estimates of the project’s reserves are 614,000 tons with a 16.2% diluted grade of 0.36 oz. gold per ton, plus a further 614,000 tons.
The company considers the figures adequate to support an economically viable mine. But because of financing constraints (and uncertainty as to Chevron’s future plans), it plans to continue exploration in the 1990 season aimed at expanding reserves to enhance the economics of the project.
Athabaska noted that the metallurgical tests to date indicate 95% recovery with fine grind and conventional leach. The rock is reported to be competent, with mining widths of 4-50 ft.
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