Underground drilling has ceased at the Nugget Pond gold project near Baie Verte, Nfld., and a new reserve is being calculated.
The figures will be incorporated into an ongoing final feasibility study, with a production decision expected in early 1996.
Sixty-forty partners Richmont Mines (TSE) and Noveder (ME) completed 70 holes totalling 3,286 metres. Zones 1, 2 and 3 were tested in the vicinity of the 5030 and 5060 levels, where test mining confirmed that mineralization is continuous and ground conditions competent.
The latest results include: 9.1 metres of 19.78 grams gold per tonne; 7.2 metres of 20.81 grams; 7.6 metres of 25.67 grams; 6.3 metres of 23.49 grams; 5 metres of 20.05 grams; 8.6 metres of 13.44 grams; and 1.7 metres of 49.17 grams.