Independent consultants estimate the Bibiani project in Ghana contains 1.8 million oz. gold, which includes measured and indicated resources from tailings, surface mine waste and the Main zone.
Toronto-listed International Gold Resources (IGR) is exploring the property, where in situ resources from the Main zone, to a depth of 500 ft., are estimated at 14.3 million tons averaging 0.105 oz. per ton. Resources from surface mine waste and tailings have been calculated at 600,000 tons averaging 0.072 oz. and 7.5 million tons averaging 0.037 oz., respectively. In addition, the consultants cite the presence of 6 million tons in the inferred category, averaging 0.097 oz., which would yield 580,000 oz. In total, the potential resource of Bibiani, to the 500-ft. mining level, is estimated at 2.4 million oz.
Definition drilling is in progress in an attempt to extend the open-pit potential below the maximum depths reached in previous reverse-circulation programs.
IGR will use one reverse-circulation rig to test for extensions of the Main zone and other parallel reef structures. A third diamond drill rig will be used to probe targets on the North Bibiani concession.
By the end of the 1995 drill campaign, IGR hopes to establish a proven and probable minable reserve of at least 3 million oz. The company intends to complete a feasibility study by the end of April, at which time the company will have spent US$3 million and earned its half interest in the project.
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