Recent drilling has increased probable reserves on the Addington gold property in southeastern Ontario.
Michele Gold Mines (VSE), which has an option to earn a 49% interest from Cathedral Gold Corp. (TSE), reports probable reserves in the D Zone have been doubled to 143,000 tons averaging 0.15 oz gold per ton.
Total reserves on the entire property now stand at 854,000 tons at about the same grade.
Michele expects to raise $200,000 this week to complete the first phase of exploration work on the property.
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