Mentor steps up work in Quebec

Armed with more than $10 million in working capital, Mentor Exploration & Development (MV-T) has acquired three gold projects in northern Quebec.

About $400,000 will be spent this year on the Lac Corvet/Island Lake properties, near James Bay; the Figurey property, near Amos; and the Montbray E property, near Rouyn-Noranda.

The company has the right to earn a 35% and 40% interest in the Lac Corvet and Island Lake properties, respectively, from Virginia Gold Mines (VIA-M). They cover a 17-km-long horizon, where gold values have been discovered. An induced-polarization survey is planned for this summer, along with prospecting, sampling and mapping.

The Figurey property is under option from Agnico-Eagle Mines (AGE-T) and is viewed as a massive sulphide prospect, while Monebray E is under option from local prospectors. Geophysics and drilling are planned for the latter.

Agnico-Eagle owns 49.5% of Mentor, whereas Mentor has a 2% interest in Agnico-Eagle.

Navigator, Monopros to explore Thor

A letter-of-intent agreement with Navigator Exploration (NVR-V) sets the stage for a unit of De Beers Consolidated Mines (DBRSY-Q) to earn a 51% interest in the Thor project, in the Northwest Territories.

The project includes four separate land packages in the central Slave province, which hosts the Ekati diamond mine and other advanced diamond projects. To earn its interest, De Beers must spend $1 million on exploration before July 31, 2001, and cumulative expenditures of $5 million by July 31, 2005. This can be increased to 60% through further expenditures and a feasibility study.

The land package has been tested by limited geophysics, till sampling and drilling. Ongoing work will be carried out by Monopros, the Canadian exploration arm of De Beers.

Rio Narcea proceeds at Carles mine

With all approvals and permits in place, Rio Narcea Gold Mines (RNG-T) is preparing to begin open-pit production at its Carles deposit this fall.

The property is 10 km from the company’s producing El Valle gold mine, near Oveido in northern Spain. Carles hosts proven and probable reserves of 1.2 million tonnes grading 4.26 grams per tonne, or about 166,000 contained ounces. Of this total, 91,000 oz., contained in 728,00 tonnes averaging 3.89 grams, are minable by open-pit methods.

Below the planned open pit, the deposit has additional resources of 1.56 million tonnes averaging 4.77 grams gold.