ONTARIO — Armistice Resources of Toronto has filed the latest 43-101 report for its McGarry gold project and says it will advance the project toward mining at a rate of 315-t/d. The C$12 million to C$15 million undertaking is located near Virginiatown in the prolific Larder Lake mining division.
Total uncut, undiluted indicated resources are 446,240 tonnes grading 8.57 g/t Au. The inferred resource is estimated at 156,000 tonnes averaging 5.83 g/t Au. The scoping study, prepared by Python Mining Consultants, examined potential production between the 380-metre and 685-metre levels. The initial mining rate would be ramped up to 545-t/d over a period of a year. The study assumes 12 months of development to reach the higher rate, an 85% gold recovery rate and a gold price of US$800/oz.
The McGarry project includes a former gold mine. During the late 1980s, Armistice spent C$30 million on exploration and development at McGarry. The shaft was deepened and enlarged, completed 3,350 metres of underground development and more than 76,000 metres of underground exploration drilling.
A few photos of the project are posted at www.Armistice.ca.
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