Antimony sales help boost coffers of Dominion Explorers

Sales of antimony from its New Brunswick mine helped Dominion Explorers (TSE) record net income of $1.14 million (3 cents per share) in 1987 compared to a loss of $712,848 (3 cents per share) the year before.

Revenue accruing to Dominion from antimony sales during the six months (June 30-Dec 31) the company operated the mine in 1987, totalled almost $4.4 million. Dominion reports the New Brunswick antimony mine accounts for more than 10% of the non-Communist world production.

Prior to Dominion taking over the mine’s operation, parent Landmark Corp. (TSE) counted the antimony property among its assets. Landmark last year transferred all of its mining assets to Dominion, which now acts as the former’s mining division.

Landmark controls 75.6% of the voting shares (one vote per share) of Dominion and 100% of that company’s B shares (representing five votes per share). As of May 3, Dominion had about 52.6 million shares outstanding.

Dominion has a 22% voting interest in Joutel Resources (TSE), the bulk of that holding having been acquired from Landmark in 1987.

Dominion reports spending $1 million in 1987 on exploration work at mining and oil and gas fields, the funds for the work raised in large part through the sale of flow- through shares. This year the company has budgeted $1.5 million for exploration. Shaft deepening

On the exploration front, Dominion is active across the country. At its New Brunswick Durham antimony mine site, the company is drifting on the newly-opened 1,275-ft level. The shaft is also being deepened below that level. And a drilling program is under way.

Vice-president mining Bertin Bourgoin said at the annual meeting mine production so far this year has fallen behind last year’s total for the same period because of the underground work, but the company expects to be back on schedule during the second half of 1988.

At 1,275 ft, the exploration work has uncovered new ore averaging 6.6% antimony. The best intersection to date, Bourgoin said, cut 193 ft of ore grading 17.95%.

Also at the Durham mine, a mineralized gold-bearing stockwork zone grading 0.09 oz gold per ton across a true width of 8.3 ft and over 100 ft, at the 850-ft level, has been uncovered. No antimony has been found in this zone.

At the active Mishibishu gold camp in northern Ontario, Dominion has optioned two properties, Macassa Creek and Missing Lake, to Hemlo Gold Mines (TSE). In the former, located contiguous and on strike to the Granges-MacMillan and Muscocho-Flanagan-Windarra deposits, Hemlo Gold may earn a 55% interest by spending $2.2 million. In the latter, located on the south belt adjoining and on strike to the east and north of the Noranda-Central Crude property, Hemlo Gold may earn a 51% interest by spending $1.76 million. A third area property, West Mishibishu, in which Dominion has a 50% interest, was staked only recently.

Other projects in which Dominion is active include in the Yukon at the Rag and Goldy gold properties with partner Rea Gold (TSE) and also at the Pelly Ridge silver and base metal property (Dominion is earning a 100% interest), in Quebec with Cambior Inc. at the Croinor gold property, and at Sturgeon Lake (base metals) in northern Ontario with Minnova Inc. (TSE).

Elected to sit on Dominion’s board of directors were Bourgoin, James Booth, C. A. Burns, Brian Elkstrom, J. Lawrence Goad, Robert Granger (president), V. Noble Harbinson (chairman), Richard Hogarth, J. F. K. McNutt and William Vaughan.