Kinross ups inventory at Goldbanks property

Reserves at the Goldbanks joint venture in Nevada have been expanded following drilling by 50%-owner Kinross Gold (TSE).

As well as outlining additional reserves below the Main zone, the combined core and reverse-circulation program has outlined a zone of mineralization 2 miles to the north.

With only 10% of the potential downward extension of the Main zone drilled to 1,500 ft., Kinross has expanded open-pit reserves to the tune of 12.8 million tonnes averaging 0.41 oz. gold per ton.

Reserves in the Main zone stand at 59.8 million tons averaging 0.03 oz. gold, with an additional 32 million tons of “lean ore” averaging 0.008 oz. Total contained reserves are estimated to exceed 2 million oz. gold and 12 million oz. silver.

Reverse-circulation and core drilling is continuing, as is metallurgical testing. Kinross plans to complete an additional 100,000 ft. of drilling before year-end.

North of the Main zone, 30 reverse-circulation drill holes have identified a mineralized area known as the KW. Gold was encountered on surface, and some holes ended in ore-grade mineralization at depths of more than 1,000 ft. The current resource at KW is estimated at 20.4 million tons averaging 0.028 oz., containing about 571,000 oz. gold. Drilling is continuing, and mineralization is open in several directions, as well as at depth.

Total mineral reserves and resources at the Goldbanks property have risen to 127.5 million tons containing more than 2.93 million oz. gold and significant amounts of silver. This inventory consists of the Main zone reserves, the KW area resource, and six smaller, satellite deposits. All the mineralized bodies have been discovered on a 5-mile-long structural zone associated with a volcanic and diatreme maar system.