Preliminary assay results were released by Fairbanks Gold (VSE) from a 45,000- ton bulk sample mined at its 51% owned Fort Knox gold property near Fairbanks, Alaska. The company said the preliminary, unweighted average assay of the bulk sample is 0.039 oz. gold per ton, or about 2% higher than the average grade of 0.038 oz. gold predicted by 160,000 ft. of reverse circulation drilling. The company noted that this represents the average assay of the bulk sample, and not the whole deposit.
The preliminary bulk sample assay was also reported to be about 74% higher than the average grade predicted by diamond core pre- drilling. The company said this indicates that results from 30,000 ft. of core drilling “significantly understate the true grade of the deposit through loss of fine gold from fractures.”
Additional check assays from cyanide leaching of the bulk sample are being completed and will be incorporated in the final weighted calculation of the overall grade of the bulk sample. These results are expected shortly.
Fairbanks expects to announce proven, probable and minable reserves for the porphyry gold deposit by year-end. The company recently appointed an agent to prepare a marketing document and to handle expressions of interest from potential buyers.
Be the first to comment on "U.S. REPORT Initial results from Fort Knox bulk sample"