Antares ups reserves at Lady Lina

Exploration and underground development have led to a significant increase in reserves at Antares Mining’s (TSE) Lady Lina gold project in Zimbabwe.

Since Jan. 31, probable reserves and indicated resources in 13 separate zones have grown by 104% — from 885,900 tonnes grading 7.8 grams per tonne to 1.8 million tonnes grading 5.9 grams. (These reserves are based on a cutoff grade of 3.42 grams gold.)

Much of the increase is due to exploration drilling on the Black Cat zone, as well as to expanded reserves on the Lady Lina zone which were identified from development work.

Among the most encouraging intersections from the Black Cat are: 10.6 grams over 14.8 metres in Hole BC-2 on the 100-metre level; 5.3 grams over 3.5 metres in LJ6-18 on the 180-metre level; and 4.4 grams over 4.2 metres in LJS-6 on the 520-metre level. The zone is estimated to contain an indicated resource of 478,000 tonnes grading 5.9 grams gold.

Development indicates the Lady Lina zone has a strike length exceeding 80 metres and averaging 3 metres in width. Reserves to the 305-metre level stand at 520,000 tonnes grading 5.9 grams.

Exploration and development are continuing and, at the Antares annual meeting, President Dennis Gray expressed confidence that reserves would double by year-end.

A production decision is expected by the first quarter of 1995, with the first gold pour likely to occur by early-to-mid-1996. Production costs are estimated at US$209 per oz.

Lady Lina is being developed by Antares in a joint venture with the Forbes & Thompson group, the largest privately owned gold mining group in Zimbabwe.