Some number crunching done by MSV Resources, a star performer on the Montreal Exchange in recent weeks more than doubling in value, has reduced tonnage but increased grade of reserves on the Eastmain property.
Reserves are now set at 1,013,000 tonnes grading 15.3 g gold and 15.1 g silver per tonne and 0.27% copper compared to 1,172,000 tonnes grading 11.1 g gold, 13.4 g silver and 0.26% copper.
The recalculation of reserves was completed in December after a 1986 fill-in drilling program and took into account various high grade intersections. The new figure quantities uncut geological reserves based on a cutoff grade of 6 g per tonne and a minimum mining width of 1.5 m.
Three drill rigs are working on the property and MSV says it is preparing to equip a new camp and build an airstrip at the isolated site located about 310 km northeast of Chibougamau in northeastern Quebec in anticipation of an underground exploration program.
MSV can earn a 49% interest in the property from Placer Development, the operator, by spending $8 million before the end of 1988. It plans to have spent more than $1.1 million by the end of February on work that includes selecting a portal site in preparation for collaring a decline ramp.
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