Rea Gold (TSE) will spend $3 million in an effort to add 1 million tons of reserves to the existing 1.5-million-ton mineral inventory at the Bissett gold mine project in Manitoba.
Between 1932 and 1968, Bissett produced 1.4 million oz. gold from 4.9 million tons of ore.
The project, situated 145 miles northeast of Winnipeg, is now wholly owned by Rea, which is well into a 16,800-ft. exploration drill program. The mine is dewatered and all hoists have been reactivated, allowing access to the bottom workings.
Rea says results to date are “encouraging,” as a total of 10 stockwork zones — representing perhaps five separate veins — were intersected. These vary from 4 to 110 ft.
The stockwork vein structures are viewed as being correlated to extensions along strike and as dipping to known and existing veins in the mine. Assays are expected shortly from a major new structure, which is also believed to have potential for additional reserves.
If Rea succeeds in boosting reserves to 2.5 million tons (grading 0.25 oz. gold), a production decision would likely follow. A production rate of 1,000 tons per day would yield 70,000-80,000 oz. annually.
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