Mining report, by Stuart Zickerman, Mining Analyst 18 May 97
Current Status- 4 zones grading .25 oz/ton over widths 10'-15'
- appears likely the Armistice and Sheldon zones (above 2250' level) will show a MEASURED and INDICATED resource 300,000 tons, grading .22 oz/ton based on completed drilling and bulk sampling
- would only need a mine plan for PROVEN and PROBABLE reserves
- the series of holes at 2050' and 2250' levels to test east extension could add 300,000 tons INFERRED resources.
- drilling at 2250' level, extended 1500' west and based on # successful drill holes, show excellant potential for an INFERRED resource of 500,000 tons grading about .25 oz/ton
- by early next year, reserves = 800,000 tons grading .24 oz (enabling shipment 438 tons/day and produce 36,800 oz/year for five years
- these reserves would help fund and legitimize the company as a producer and allow advancement to go after the multi-million ounce potential at the 4000' level.
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