Banks Island Gold has announced that it has completed drilling at Discovery Zone in April 2012 and has received assay results for 12 diamond drillings. Highlights from the drilling included an intercept of 135.5 gpt gold and 38 gpt silver over 3.7 m from drill holes DIS-12-03 and 23.4 gpt gold and 43 gpt silver over 2.5 m from drill hole DIS-12-05.
Preliminary economic assessment was completed during November 2011 and the study resulted in a pre-tax NPV of $26.4M at a discounted rate of 8% and with an IRR of 414% and payback of initial capital over 1.2 months. Further to this the company intends to target the potential projection of mineralised zone to along and depth strike. The resource at the Discovery zone is presently open at depth and defined to 60 m below the surface depth.
All the analytical work has been carried out by AGAT Laboratories in Ontario. Quality control programs include standards, duplicates, analytical blanks apart from the company’s in-house quality assurance program. The company is also undertaking a feasibility study for the pilot mine located on Banks Island. Detailed metallurgical testing and process design is also being carried out for the site.
Banks Island Gold is a mining resource exploration firm, and is presently exploring mineral resources that are economically viable. The firm’s mineral property is situated in British Columbia.
Source: http://www.banksislandgold.com
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