With a total of 26,141 ft drilled in 80 holes on its Bannockburn property near Madoc, Ont., Mono Gold Mines has calculated a provisional estimate of in-place reserves of 212,729 tons of 0.288 oz gold per ton.
This estimate is comprised of 123,284 tons of 0.291 drill indicated reserves and 89,445 tons of 0.283 oz of inferred reserves.
These values are based on a minimum 4-ft mining width and represent the results of exploration to an average vertical depth of less than 350 ft along an aggregate strike length of 730 ft.
These reserves can further be broken down into 184,589 tons of 0.300 oz gold in zone D, 18,140 tons of 0.216 oz in zone H and 10,0000 tons of 0.200 oz in the intervening zone.
The H zone is a possible continuation of the D zone vein systems, but to date it has not been linked, the company says. The intervening 500 ft have not been tested and require winter drilling conditions.
The company recently completed a firm underwriting through the facilities of the Vancouver Stock Exchange which netted $165,000.
Too, the company has entered into a private placement and flow- through agreement with NIM and Co., Limited Partnership 1986, whereby the partnership has agreed to purchase 136,987 common shares of Mono Gold at 73 cents per share.
Mono Gold shares, which trade on the VSE, have also been accepted for listing on the Montreal Stock Exchange, where they started trading last month.
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