Rouyn bulk sampling at Francoeur gold project

A 33,500-ton bulk sampling program at the Francoeur property is expected to be completed by May, Rouyn Mining Resources (TSE) says. Following the completion of the mining program, the company plans to begin a feasibility study which is expected to be completed by June 15. The Francoeur project, which is shared equally with Lac Minerals (TSE), is located near Rouyn, Que.

Grades from the bulk sample are exceeding expectations, Rouyn President Jean-Guy Rivard told The Northern Miner. In January, 4,900 tons averaged 0.232 oz gold per ton. In February, the 5,805 tons of rock mined graded 0.239 oz. The 9,000 tons mined in March is expected to assay at approximately 0.2 oz, Rivard says. The bulk sampling is taking place on three mining levels and from 10 working areas.

Progress at the new shaft, located 2,200 ft northeast of the original Francoeur No 6 shaft, is on schedule, Rivard says. Budgeted at $8.5 million, the shaft will provide improved access to the No 3 zone and a new discovery made last year. Work which began on March 9, has proceeded to a depth of 288 ft below the collar. The depth objective is 2,600 ft. Exploration work completed by Rouyn on the property has identified reserves of three million tons grading 0.2 oz.

As part of a flow-through share arrangement made in 1987, the company will be issuing 2,086,000 common shares from treasury to the members of a limited partnership.