Lenora calculates Worvest reserves

Reserves have been calculated by Lenora Explorations for the company’s Worvest property, held in joint venture with American Barrick Resources. Located immediately west of Barrick’s Holt-McDermott mine site, north of Kirkland Lake, Ont., the Worvest claims host reserves of 216,307 tons grading 0.194 oz gold per ton, Lenora says.

Using a lower cut-off grade of 0.08 oz, reserves are increased to 442,458 tons grading 0.149 oz. The estimates are based on data from 20 drill holes completed by Barrick last year.

The Holt-McDermott mine, still under construction, is expected to produce 100,000 oz of gold beginning in 1988. The Worvest reserves are believed to be hosted in extensions of the same structure hosting the Holt- McDermott reserves. Additional drilling is under way on the Worvest property, Lenora says. Barrick and Lenora hold a 65% and 35% interest in the Worvest claims respectively.