The resource calculation for the True North gold deposit near Fairbanks, Alaska, has nearly doubled.
A joint venture between Newmont Mining (NEM-N) and La Teko Resources (LAORF-Q), the project is estimated to contain 18.2 million tons grading 0.072 oz. gold per ton, equivalent to 1.3 million oz.
More than 1 million oz., or 77% of the resource, has been classified as being contained in oxide material.
La Teko believes the resource could ultimately be expanded to 2 million oz., based on exploration potential in the Zeppelin zone and beneath the Hindenburg and Central zones.
Newmont can earn a 65% interest in the 9,000-Acre project by paying US$6 million to La Teko (now fully paid) and spending US$21 million on exploration and development, including a feasibility study.
In June, the company will carry out 2,500 ft. of drilling, as well as soil sampling.
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