Joint venture partners KWG Resources (ME) and SEG Exploration (ME) have completed the extraction of a 29,000-ton bulk sample from the No. 1 vein system on their Granada gold property near Rouyn-Noranda, Que.
So far, 13,574 tons processed at the Manitou mill have yielded 2,300 oz. gold, representing an average grade of 0.17 oz. gold per ton. The companies are also planning to extract a 12,000-ton bulk sample from the No. 2 zone before the end of February.
Concurrent with the bulk sampling, two drills will explore for eastward extensions of both the No. 1 and No. 2 zones. Present reserves in the No. 1 zone are 150,000 tons grading 0.16 oz. gold, while the No. 2 zone contains 120,000 tons grading 0.14 oz. gold. New targets north of the existing vein systems will also be drill tested. The $800,000 drill program will be completed by the end of February.
SEG has recently completed two private placements totalling $780,000 to finance its share of the drill program.
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