TSE-listed partners Waddy Lake Resources and Golden Rule Resources have taken a closer look at the geology of the Komis gold deposit and, in the process, recalculated the reserve figure.
The deposit, situated in northern Saskatchewan, is now believed to contain uncut and undiluted reserves of 1.3 million tons averaging 0.42 oz. per ton. Included in this total are 365,000 tons of proven reserves averaging 0.554 oz.; 276,000 tons in the probable category at 0.277 oz.; and 615,000 tons in the possible group grading 0.4 oz.
The recalculation follows underground test mining and 23,000 ft. of surface drilling. Moreover, the partners now believe the area west of, and down-plunge from, the reserve block has potential to host additional reserves. Waddy Lake is seeking construction permits and plans to submit an environmental impact statement to the provincial government in July. Underground development and production would follow.
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