Franco-Nevada Mining (TSE) has entered the Hemlo gold camp by purchasing a 100% interest in 31 claims from International Interlake Industries (VSE). Franco will pay Interlake $1.65 million after completing a title review and receiving regulatory approval.
The property covers 620 acres of land that are adjacent to and protect the downdip extension of gold mineralized zones dipping from the Williams gold mine — Canada’s largest.
Work completed by Teck Corp. and Hemlo Gold Mines on Interlake’s claims from 1983 to 1989 outlined a preliminary estimate of reserves of three million tons grading 0.24 oz. gold per ton at depths of 1,000-2,500 metres.
Franco-Nevada’s main asset is a royalty on American Barrick Resources’ Goldstrike property in Nevada.
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