Cogesco investment at $28-million mark in six properties

Cogesco Mining Resources calculates its total investment in joint ventures on six exploration properties in northwestern Quebec stands at $28 million, including the $16 million the company invested in 1986.

Mineral reserves in which Cogesco had an interest last year effectively doubled and are now estimated at 287,000 oz gold, the company reports. The increase in reserves is attributed mainly to results from the Ribago/Waite Beauchastel and Arntfield properties, both joint ventures with Noranda Exploration. At the Ribago/Waite Beauchastel property, full-scale production could begin in 1989, the company reports. Cogesco has boosted its interest in the Arntfield property to 50%.

Norlartic, a joint venture with Aur Resources, is showing good potential at depth on the Main zone, and the company expects a production decision in conjunction with Aur’s adjoining First Canadian property.

Cogesco has also increased its interest in the Rand-Malartic project to 36.8%; the company’s joint venture partner in the project is NSR Resources.