Development of the Fort Knox property, near Fairbanks, Alaska, has been accelerated with the addition of two drills. The property, 51% owned and operated by Fairbanks Gold (VSE), now has six diamond core drill rigs and one reverse circulation rig at work on the gold property. The two additional drill rigs will be used to test for high-grade feeder zones and bonanza structures at depth, as well as to increase the drill-indicated resource below the 700-ft. level.
The reverse circulation rig is being used for stepout drilling on the edges of the deposit which remains open in all directions.
The remaining rigs are drilling infill holes on a 100-ft. grid to a depth of 500 ft.
Stepout drilling has encountered a new zone of mineralization which Fairbanks expects will add significantly to the reserve base. The company plans to release an updated resource figure when drilling on the new zone is completed. In addition, a minable reserve is expected to be released by the end of the year.
Fairbanks reports that a 170,000- ton bulk sample has been mined, and 42,000 tons of this amount has been crushed. Seven tons of the crushed sample will be sent to Lakefield Metallurgical Laboratories in Ontario for final analysis. Strathcona Mineral Services is supervising the complete bulk sample process.
At the end of the 1989 exploration program, Fairbanks estimated that the deposit contained over 80 million tons grading 0.036-0.047 oz. gold per ton.
Be the first to comment on "U.S. REPORT Fairbanks expanding Fort Knox"