Similar in mood to 1997, though comparatively free of scandal, 1998 will be remembered as the year exploration companies replaced promotional antics with survival tactics. But despite the bearish market, several countries saw some intense activity within their borders.
Argentina ranked as one of the hottest areas, thanks largely to the efforts of
While such results initially fell on deaf ears, the junior eventually won over investors, even becoming Barrick’s takeover target in December. The major initiated the action in order to consolidate its properties in the region.
Also making headlines was
The program immediately met with success. The first hole, drilled at the Lejano property, returned 8 metres of 621 grams silver, plus 9.7% lead and 0.46 gram gold. This was followed by similarly encouraging results at the separate Bacon property and by an expansion of the company’s total land package in the region to 1,350 from 598 sq. km.
In December, the junior launched an independent resource study for Bacon, using proceeds from $4.7 million worth of special warrants issued in the early part of that month. As such, it was one of the few companies in 1998 not only to advance its project to the resource-calculation stage but also to convince an indifferent market of its project’s potential.
Not all was glory for companies exploring in Argentina.
Alaska enjoyed one its best years ever, with an unprecedented 7,000 claims staked on federally owned land and more than 46,000 claims on state-owned ground. This year’s expenditures are expected to equal those of last year, when US$57.3 million was spent — an increase of 28% over the 1996 figure.
Fueling the flames,
Infill and stepout drilling is to renew in the new year, as is underground exploration.
Hoping to duplicate Teck’s success, companies such as
All told, Alaska is believed to have yielded in excess of 20 million oz.
gold over the years but maintains the distinction of being predominantly virgin territory.
Mexico
Mexico’s Zacatecas state attracted its fair share of attention, spearheaded by the discovery in late 1997 of the San Nicolas zone, owned by Teck and
While most work in the area was preliminary, Teck and Western Copper outlined a resource, potentially minable by open-pit methods, of 72 tonnes grading 1.35% copper and 2.27% zinc, plus 30 grams silver and 0.53 gram gold. As well, the partners discovered a zone of near-surface silver mineralization.
In northeastern Greece, a promising but virtually unknown gold discovery was made by a group headed by Australia’s
Reported oxide intercepts ran up to 11.6 grams gold over 31 metres, starting from surface. As well, several nearby targets kept optimism high.
With investors turning their noses up at overseas projects, Canadian explorers intensified their efforts back home. Ironically, Newfoundland (excluding Labrador) was one of the more active provinces, led by juniors such as
Exploration was also bustling in the more established mining camps, particularly in Ontario and Quebec. The Sudbury district, for example, saw a new crop of juniors spring up in search of platinum group elements.
N.W.T.
Though diamonds were once again the commodity of choice in the Northwest Territories, some companies remained focused on gold and base metals. Such resolve panned out well for
30-Dec. 6/98).
In neighboring Yukon, partners
Elsewhere in the territory, partners
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