Exploration shaft sunk at Holloway

A shaft has been sunk at Hemlo Gold Mines’ (TSE) Holloway gold project, near Matheson, Ont.

The 441.4-metre exploration shaft was finished in March, on schedule and slightly under budget, says Ian Atkinson, vice-president of exploration, Having cut stations at the 300- and 400-metre levels, contractor J.S. Redpath is to carry out 11,000 metres of drifting on the 400-metre level. That will be followed by 25,000 metres of drilling on 25-metre centres to further delineate the zone that has preliminary reserves of 5.04 million tonnes grading 8.57 grams gold per tonne (0.25 oz. per ton).

Some drifting will occur in the zone to enable a bulk sample to be collected. Hemlo, the operator, has a 50.79% direct interest in the project. Freewest Resources (ME) owns 33.86%, and Teddy Bear Valley Mines (CDN) the remaining 15.35%.

The $12-million program should be completed by the fourth quarter.