Louvicourt sweetens Aur’s earnings

As expected, the Louvicourt mine in Val d’Or, Que., is bolstering the earnings of Aur Resources (TSE).

For the first half of 1995, the mine produced 38.7 million lb. copper, 16.9 million lb. zinc, 14,655 oz. gold and 286,025 oz. silver. As a result, Aur was able to earn $10.3 million (or 18 cents a share), compared with a loss of $3.9 million (or 8 cents a share) in the same period in 1994.

Revenue for the second quarter totalled $16.2 million, which represents an increase of more than $12.5 million for the same period in 1994.

Production levels and metal recoveries exceeded expectations, while ore grades are consistent with expectations.

Aur is also searching for additional reserves, outside the main Louvicourt deposit. Underground drilling is under way in an area west of the deposit, and the first hole, drilled below the 475-metre level, yielded a 30-metre interval averaging 0.9% copper and 2.15% zinc. This included two sections that averaged 2.1% copper and 1.7% zinc over 7.2 metres, and 1% copper and 5.8% zinc over 6.2 metres. Drilling in this new area, as well as at depth below the main deposit, will continue.