A joint venture program to explore the old Newcor mine property in the Flin Flon area of Manitoba has been announced by Colray Resources and Vista Mines. Colray can earn a 30% interest by spending about $800,000 on the property.
The program, both on the Newcor mine property and the Cor showings on mining lease 5106, will entail detailed exploration on the ground including geophysical and geochemical sampling and drilling over a control grid covering the entire property.
As well, a rehabilitation of the Newcor shaft and underground working will be carried out, to facilitate underground exploration, bulk sampling and diamond drilling to confirm previous ore reserve estimates and, Colary says, possibly discover new ore zones.
Colray says previous evaluation reports on the property initiated drill proven results over 8,000 oz of recoverable gold above the 400-ft level, at the old Newcor mine. It adds random uncontrolled surface samples from around the old mine shaft and mill assayed 0.259 to 1.08 oz gold per ton.
A plus in the situation, the company points out, would be the availability of the nearby Rio mill of Vista Mines, which is now being modified by Vista to take ore from the Rio ore deposit.
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