The Fenn-Gib was something Chuckie Gryba drilled/touted when he was at St. Andrews. Back then at $400 gold nobody thought it was going anywhere. Today, in the arms of LSG, it's a (potential) mine. Shows patience is virtuousity in the rock and metal biz.
This announcement augurs well for other explorers with potential OP properties in the 101 Matheson, KL and Timmins Area. We have the technology, and the resources are out there.
Victory Gold VAU?/CNSX, is on with an old Noranda property in the 101 area and they are getting no love at all 'cept for a low end PP from First CDN capital recently. Perhaps this will stoke their boilers a tad. This whole area has been slow growth since the 1930's but geologically it deserves a lot more work.
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November 17, 2011 09:15 ET
Lake Shore Gold Reports First NI 43-101 Open-Pit Resource at Fenn-Gib Property
- Estimated resource includes 1.30 million gold ("Au") ounces at 0.99 grams per tonne in the Indicated category and 0.75 million Au ounces at 0.95 gpt in Inferred category
- Potential for width, strike and depth extensions considered excellent
- Significant silver assays and recent favourable drill results not incorporated in resource estimate
- Additional definition and expansion drilling now being planned
Toronto Ontario-- November 17, 2011) - Lake Shore Gold Corp., LSG/TSXV, today announced the completion of an initial National Instrument 43-101 resource estimate for the Company's wholly owned Fenn-Gib property located approximately 60 km's east of Timmins, Ontario. The new resource estimate includes a total of 40.8 million tonnes grading 0.99 gpt for a total of 1.30 million contained Au ounces in the Indicated category and 24.5 million tonnes at 0.95 gpt for a total of 0.75 million ounces in the Inferred category. Most of the resources are in the Main Zone, which is located in the northern portion of the Fenn-Gib property.
Category Type Cut off grade Tonnes Grade Ounces
gpt (millions) gpt (millions)
Indicated In Pit 0.5 40.8 0.99 1.3
Inferred In pit 0.5 23.3 0.90 0.67
Out of pit 1.5 1.2 1.90 0.08
Total Inferred 24.5 0.95 0.75
Tony Makuch, President and CEO of Lake Shore Gold, commented: "We are extremely pleased with the initial resource at our Fenn-Gib project, which meets our target level of at least 2 million ounces using our base case assumptions."
"We believe the potential to add to the resource with further work is excellent given that there is only limited drilling below 300 metres and to the north, east and west of the Main Zone. We have already reported very encouraging drill results from our first four holes, including expanding the shallow mineralization by 200 metres to the north, with this expansion not included in the initial resource. We will also have the opportunity to incorporate high silver values into future resource estimates, with an average gold:silver ratio at Fenn-Gib of about 2:1. Based on these factors, plus the potential for high volume, low-cost production, we believe Fenn-Gib is an outstanding project that is destined to become a very successful open-pit mining operation capable of generating significant value for the Company and its shareholders."
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