Wheaton River Minerals (TSE) has raised almost $5 million in a private placement, which it will apply to exploration and development at its Golden Bear and Ketza River projects in British Columbia.
Wheaton will spend $1.6 million on a drill program in the vicinity of the Kodiak A and Ursa deposits at Golden Bear. The deposits are the subject of a mine feasibility study, which will likely be released before the second quarter.
The drilling will focus on more than 10 coincident soil geochemical and geophysical targets within the same carbonate complex that hosts the Kodiak A and Ursa deposits.
Wheaton plans to upgrade the Kodiak B and ELGS deposits, so they can be incorporated into the long-term mining plan.
Meanwhile, Wheaton will spend $1.4 million to delineate three deposits found on its Ketza River project. The Fork, McGiver and B-Mag deposits were discovered late last year. The program will aim to delineate sufficient reserves to restart the 400-tonne-per-day mill.
Drilling will also be completed at Drew Creek to bring that deposit to the minable reserve status.
A separate program will explore the 1-by-1-km soil geochemical anomaly known as the Shamrock zone, which averages 1.1 grams per tonne on surface. Wheaton is exploring the Shamrock in the hope of outlining a bulk-tonnage deposit exhibiting sediment-hosted, Carlin-style mineralization. Drilling in 1987 intersected a 105-metre interval that averaged 3.7 grams.
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