A reserve estimate has been calculated by partners Murgold Resources (40%), VSE and Chesbar Resources (60%), ME for their Chester Twp., Ont., gold property. The property is located 67 miles south of Timmins. Based on surface and underground drilling and exploration on three levels, reserves are estimated at 423,546 tons grading 0.223 oz gold per ton. Of this, 28,487 tons grading 0.0.223 oz are considered proven.
A majority of these reserves are confined to the No 3 vein system which has been opened up via a decline ramp. The ramp is being extended to access the fourth and fifth levels of the vein.
Due to the encouraging results, the partners have started an engineering study which will determine the cost of an on-site test mill facility which would be used to process bulk samples. If approved, the mill could be installed this summer, Murgold reports.
Drilling has also been completed on the No 1 vein system, located 2,000 ft north of the No 3 zone. Drilling along 1,350 ft of strike returned assays ranging up to 1.28 oz across 2 ft in hole 24. Hole 18 cut 7 ft grading 0.84 oz and hole 20 intersected 3.5 ft assaying 0.315 oz. Another 14 ft came in hole 29 which assayed 0.44 oz. More high grade was cut by hole 36 which returned 4 ft grading 0.622 oz.
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