In re-evaluating its Bissett mine, 160 miles northeast of Winnipeg, Man., Rea Gold (TSE) projects reserve potential to be more than one million oz. of contained gold.
Minable reserves, as previously estimated by consulting firm Dolmage Campbell, stand at about 1.5 million tons grading 0.22 oz. gold per ton. Of the total, about 1.2 million tons are below the 4,000-ft. level, with the balance between 4,000 ft. and surface.
The most recent study, by consultants Burgoyne Geological, estimates a total potential of 1,500 tons per vertical foot between levels 32 (4,800 ft. below surface) and 47 (7,050 ft. below surface). Not including material already defined or mined, the study puts the potential resource at about 2.4 million tons grading in the order of 0.25 oz. gold.
Bissett operated continuously from 1932 to 1968, producing 1.4 million oz. gold from 4.9 million tons of ore. The shaft extends 5,300 ft. To return the project to production, Rea is seeking a partner to assist in a detailed evaluation of reserves and related work, said President James Hogan. A $15-million capital cost is required to bring the mine and the 500-ton-per-day mill back into production, according to preliminary estimates. Most of the cost is related to additional underground development.
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