An updated preliminary reserve calculation was released by Loki Gold (VSE) for the Brewery Creek gold project near Dawson City, Yukon. Loki has earned a 49% interest in the bulk-tonnage property from majority owner Hemlo Gold Mines (TSE).
The updated calculation by Orcan Mineral Associates is based on exploration results to the end of the 1991 field season. This work includes 671 reverse circulation drill holes totalling 113,763 ft., 59 diamond drill holes totalling 13,221 ft., and 49 trenches totalling 41,755 ft.
Referring to these data, Orcan calculated diluted preliminary reserves of 17.05 million tons in nine deposits with an average grade of 0.055 oz. gold per ton.
Oxide reserves account for 11.9 million tons grading 0.058 oz. gold per ton, with a stripping ratio of 1.17.
This represents a modest increase from calculations released in the fall of 1991 (based on exploration results to the end of July, 1991) which placed diluted preliminary reserves at 16.49 million tons in nine deposits at an average grade of 0.054 oz. gold. The oxidized portion of this reserve was reported as 11.73 million tons averaging 0.058 oz. gold per ton, at a stripping ratio of 1.17.
Hemlo and Loki are planning for the 1992 exploration season at Brewery Creek, and plans are expected to be finalized in February. The program, to be operated by Noranda Exploration, is expected to be aimed at increasing reserves on the property.
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