Armistice Resources reports significantly higher-grade stoping areas in its McGarry gold mine
Thursday, Nov 29, 2012
TORONTO, Nov. 28, 2012 /CNW/ - Armistice Resources Corp. (TSX: AZ), operator of the McGarry gold mine in Ontario's Kirkland Lake area, today reported that development work in the mine has identified higher-grade stoping areas. The indicated stope grade is 24% higher than expected in the September 2011 NI 43-101-compliant report.
"For the past several months, our work at the McGarry Mine has had a dual focus," said Todd J. Morgan, president and chief executive officer. "As we have been mining new ore for future processing, we also have been carrying out an extensive development and exploration diamond-drilling program in the mine. The intent of this drilling program is to identify and open up the stoping areas that will enable Armistice to meet our target in 2013 of 350-to-400 tons per day of production.
"This program has been successful and we are very pleased to report that the assay grade data and strike extent of the gold mineralization in the 325N Area on the 2250 Level of the McGarry Mine has met or exceeded expectations. We will be deploying the funds from our recently completed financing to continue this development and exploration work," Mr. Morgan said.
Armistice is particularly pleased that a definitive structural control for the gold mineralization is recognizable as a weak slip with alteration on one or both sides in which the gold is concentrated and detectible in the mining sequence. The width of the associated gold mineralization varies from very narrow to seven feet in a pinch-and-swell pattern. It is very encouraging that the structure is traceable over the entire length of the sill drifts in each of the three mined zones, Zones #1, #1.5, and #2 (See Figures 1 and 3).
"On November 15, Armistice announced that we had completed the acquisition from of the mineral rights on 18 mining claims, totalling 627 acres (the Barber-Larder Property), located contiguous to the western boundary of the McGarry mine (See Figure 2). We regard this as a transaction that should create value for Armistice's shareholders.
"Indeed, the results of our ongoing diamond drill program in the McGarry Mine indicate that the ore structure at similar grades remains open and trends west towards the recently acquired Barber-Larder property. Sill drifts in the ore have been extended a total of 600 feet to date with an additional 500 foot advance currently in progress," Mr. Morgan said.
"With our ownership of the McGarry Mine property, the Barber-Larder mining claims, and the Kerr-Addison property, Armistice now has established a very large footprint (See Figure 4) of properties on the prolific Larder Lake-Cadillac Break," Mr. Morgan noted.
Source: Armistice Resources Corp.