Up five cents to close at 70 cents for the week ended June 4, Northfield Minerals has started work at the Cheminis gold mine near Virginiatown, Ont., and expects to process its first ore within two months.
Once Northfield has confirmed projected tonnages and grades with a bulk sample, the company will proceed to full production. Preliminary reserves suggest that ore above the 1,000-ft. level will support production for four years, Northfield says.
Following an agreement with Eagle Lake Explorations, Pegasus Gold will begin drilling on the junior’s gold skarn property in Washington. Once Pegasus has completed the initial exploration, Eagle Lake will share a 25% working interest in the property with Winslow Gold. Eagle closed at four cents.
With exploration under way at two of its properties, Kingswood Explorations has raised $365,000 through flow-through financing at 22.5 cents per share.
A 5-hole program is testing two geophysical anomalies on Kingswood’s recently acquired gold bet 30 miles southwest of Timmins, Ont. Near Matagami, Que., the company will test for downdip extensions of the 1.7-million-ton Phelps Dodge zinc-copper-silver deposit.
Kingswood, closing unchanged at 15 cents, expects the balance of the $1-million financing to be completed by the end of June.
Trading heavily, Pacific Metals lost four cents to close at $1. The company is busy forging an agreement to buy a 50% interest in the Wattle Gully gold mining project, northwest of Melbourne, Australia. Included in the deal is a 50% interest in a fully operational carbon-in-pulp plant.
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