About $1.1 million will be spent this year exploring for additional gold reserves at Arcadia Bay, N.W.T. Since gold was discovered there in 1963, work by several companies has brought proven ore reserves up to 860,000 tons grading 0.22 oz gold per ton.
The property is located on the Coronation Gulf, about 15 miles from the community of Bathurst Inlet.
Dore-Norbaska, a new tse-listed company, which has an option to earn a 30% interest in the ground, is taking a crack at the property along with Orofino Resources, which is the operator of the program. About 10,000 ft of drilling is planned.
Dore-Norbaska was formed in December when two publicly-listed juniors — Dore Explorations on the Alberta Stock Exchange and Norbaska Mines on the Toronto Stock Exchange — amalgamated.
The company has raised $2.1 million in flow-through money for exploration work this year. That money will be spent on seven properties in Canada, but the company also holds ground in Mexico.
Two of the company’s more promising prospects are joint ventures — the Orofino bet and one with Cominco in Saskatchewan.
Cominco spent about $260,000 on Phase 1 work last year on the Saskatchewan property, which is located about 100 km east of Uranium City. More than 600 rock samples were taken from target areas covering widespread quartz veining on the 120-sq-km bet. Many highly anomalous gold values were encountered, Dore-Norbaska reports.
Cominco has the option to back in for a 60% interest in the property by refunding Dore-Norbaska 225% of its exploration expenditures.
The chairman of Dore-Norbaska is Roger Wilson, who has 30 years of experience with Noranda.
The company has 1,305,484 shares outstanding, trading this week at about 48 cents .
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