Aurizon Mines aims for 24,000 oz in ’89

The Hughes-Lang company, created in 1988 through the amalgamation of Perron Gold Mines and D’Or Val Mines, produced 6,900 oz during the first quarter of 1989. Production for 1988 (milling operations began in May at Perron’s Sleeping Giant property near Amos, Que.) totalled 18,755 oz gold and 27,970 oz silver.

Proven and probable diluted reserves at the Sleeping Giant property were estimated at the end of 1988 to be 731,000 tons grading 0.23 oz gold per ton.

For 1988 (the final 10 months), Aurizon recorded a loss of $1.7 million on revenue of $6.4 million. The company reported a year-end deficit of $23.1 million.

Mining operations at D’Or Val’s Beacon property east of Val d’Or, Que., were suspended in May, 1988, after less than a year of production. The shutdown was the result of lower than anticipated millhead grades and a lack of continuity in the vein structures. The Beacon mill is performing custom work.

On the exploration side, Aurizon reports it has earned a 50% interest in the Beaufor gold property five km from the Beacon mill. Undiluted Beaufor reserves at the end of 1988 totalled 341,055 tons grading 0.24 oz.

Also, in Mexico, the company has an option to acquire a 47% interest in a copper-gold deposit near the sea port of Mazatlan.

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