Bruneau wraps up prefeasibility study

Montreal-based Bruneau Minerals (BRM-M) has completed a positive prefeasibility study of its calcium carbonate deposit north of Lac St.-Jean, Que.

Laval-based Gostat International oversaw the study, which included 1,500 metres of drilling, bulk sampling and metallurgical testing at the Centre de recherche minrale in Quebec City.

Geological resources stand at 13 million tonnes grading about 84% calcite. In the proven and probable category are 7.7 million tonnes grading 83% calcite, exploitable by open-pit methods.

Bruneau has completed two financings, which will be used to begin a feasibility study. The junior raised $145,000 by issuing 381,495 shares at 38 cents apiece, with each share having an attached warrant entitling the holder to buy another share at 44 cents for six months and 50 cents for 18 months. The company also privately placed $400,000 by issuing 1.6 million flow-through shares to two investors.