A new option deal could see the reactivation of the Lingman Lake gold project, 320 km northeast of Red Lake in northwestern Ontario.
The gold mineralization at Lingman Lake is in a folded shear zone 750 metres in strike length and 150 metres wide. Six mineralized lenses, three of which are still open at depth, occur in the shear in interbedded sedimentary and mafic volcanic rocks.
The prospect first saw development in 1942, when Lingman Lake Gold Mines staked 22 claims on the northern shore of Lingman Lake. Underground development began in 1946 with the sinking of a 126-metre shaft, and by 1948 there were three developed levels with almost 1,400 metres of drifting and a ventilation raise.
The property remained dormant from about 1950 to the mid-1970s, when additional drilling blocked out an indicated resource of 400,000 tonnes grading 14.1 grams gold per tonne in the deposit’s North and South zones, and an additional 130,000 tonnes grading 7.2 grams per tonne in the West zone. In the mid-1980s, Lingman Lake Gold Mines (by then renamed Twin Gold Mines) had been taken over by Agassiz Resources, and there were plans for a joint venture with another company, Massive Energy.
Along with a substantial land acquisition, Twin Gold and Massive drilled 76 more holes, and a 1988 feasibility study estimated a resource of 1.6 million tonnes grading 8.3 grams gold per tonne in all categories.
Massive was de-listed from the Vancouver Stock Exchange in 1991, Agassiz went bankrupt the same year, and Twin Gold was delisted from Alberta in 1992.
The Ontario government recently restored the Twin Gold claims, which passed to Cool Minerals of Timmins, Ont. Cool, in turn, optioned the property to Millennium Gold of Montreal, which vended its option (requiring payments of $290,000 to Cool Minerals) to Antoro. In return, Antoro agreed to pay Millennium $100,000 and issue 2 million shares.
Antoro plans to examine and assay cores stored on site, and will be doing some surface stripping and trenching. Antoro also expects to be able to dewater the shaft easily.
The previous operators left the property in a hurry: a camp, with generators and fuel storage, and a hoist are still on site. Most of the equipment on the property was brought in by winter road when the project was last active.
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