ONTARIO – Queenston Mining of Toronto has updated the mineral resource for its Upper Beaver gold-copper project near Kirkland Lake, saying the tonnages of indicated and inferred resources are up 123% and 48% respectively from earlier estimated.
The indicated resource contains 1.46 million oz of gold and 56 million lb of copper in 6.87 million tonnes grading 6.62 g/t Au and 0.37% Cu. The inferred resource is 4.57 million tonnes grading 4.85 g/t Au and 0.32% Cu, or 712,000 oz of gold and 32.22 million lb of copper.
According to Queenston, gold was first discovered on the Upper Beaver property in 1912. A small mill was commissioned in 1919, and production continued until 1928. Production resumed under new ownership in 1964 and reached a depth of 365 metres before the mine was again closed in 1971. Total production from the mine was 140,000 oz of gold and 11.9 million lb of copper When the mine was closed there remained historical reserves of approximately 200,000 tonnes grading 7.9 g/t Au with 1.2% Cu. Queenston purchased the property in 1977.
A preliminary economic assessment for reopening the Upper Beaver mine was prepared earlier this year for an underground project and 2,000-t/d mill that would have average annual production of 120,000 oz of gold and 5.3 million lb of copper. The PEA is available at Queenston.ca.