According to Glimmer Resources (VSE), results from drilling by Hemlo Gold Mines (TSE) at the Hislop-Beatty property in northeastern Ontario should lead to increased reserves.
Seventeen of the 29 holes thus far drilled have intersected mineralization. Results from six of these ranged in value from 1.1 grams gold per tonne over 1.1 metres to 22.5 grams over 4.5 metres. Results are awaited for six other holes.
A near-surface, high-grade gold deposit has been defined, which has a proven and probable geological resource of 1.2 million tonnes averaging 9.9 grams gold. This resource could support an 800-tonne-per-day operation for at least seven years. Additional reserve potential lies at depth, along strike and possibly in a strongly altered parallel structure, Glimmer reports. The company hopes to carry out underground bulk sampling for test milling purposes.
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