A new management team at Silverside Resources (TSE) is hoping to turn the junior around by focusing its growth on the national and international scenes. “Our first target is the Garrison project in northeastern Ontario,” President Babu Gajaria told The Northern Miner. “Secondly, we’re evaluating a whole bunch of targets around the world.”
Gajaria replaced A.L. Hellens in the president’s chair when Hellens resigned to pursue other interests. Hellens remains a shareholder of Silverside, which has just under 11 million shares outstanding and was recently trading in the 10 cents-per-share range. Gajaria was the company’s chief geologist. Serving as vice- president of Silverside is Sethu Raman, a veteran geologist.
Well past the grassroots stage, the Garrison gold project, north of Kirkland Lake, has a preliminary reserve estimate of 600,000 tons grading 0.18 oz. gold per ton, including 40,000 tons averaging 0.21 oz. from an open pit zone. The property has been explored to a depth of 400-500 ft.
Silverside’s partner in the project, LAC Minerals (TSE), is earning a 50% interest through expenditures totalling $1.5 million. LAC’s 3-year option expires Aug. 1 and Gajaria is eagerly awaiting the senior producer’s decision. While he is optimistic about the project going ahead, Gajaria said it may prove to be too small for LAC, despite the excellent exploration potential he thinks Garrison presents.
Gajaria estimates the total cost to bring the Garrison project into initial production is $3 million.
In other parts of the world — he mentioned Chile and Indonesia as examples — Silverside is eyeing potential exploration plays involving gold, copper and zinc.
An affiliated Silverside company, Geomaque Explorations (TSE), is searching for a new partner for its gold-base metal Bourlamaque Twp. property near Val d’Or, Que., following the cancellation of an exploration agreement with Kingswood Explorations. A weak financing market is believed to be behind the deal’s annulment.
In the Cobalt, Ont., area, Silverside’s silver project remains on a care-and-maintenance basis, pending a revival in the price of the silver.
Gajaria, who has more than 16 years of mineral exploration experience and who was involved in the discovery of the Detour Lake and Golden Patricia gold mines, is also the new president of Geomaque.
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