Reserves in all categories have risen to 247,078 tons at an average grade of 0.41 oz gold per ton at the Spud Valley property on Vancouver Island, McAdam Resources reports.
Proven and probable reserves currently stand at 91,562 tons grading 0.18 oz, with drill-indicated reserves totalling 117,178 tons at 0.64 oz.
The company reports a crosscut is currently being driven on the No 7 level, the lowest level to be worked to date. The underground work has two goals: establishing stations for future diamond drilling, and accessing and testing four veins which have shown ore grade intersections including two which have drill- indicated reserves.
The project has a 1987 budget of $1 million. McAdam reports another $1-million budget is being proposed for 1988. McAdam’s joint venture partner in the project is Tashota-Nipigon Mines (25%).
In other news, McAdam reports preliminary gold reserves on the McWatters and Clerno gold property near Rouyn-Noranda, Que., now stand at 906,000 tons grading 0.16 oz.
The McWatters project, with a 1987 exploration budget of $6 million, is a joint venture involving McAdam (50% interest and project operator), Tashota-Nipigon (25%) and Quinteko Resources (25%).
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