The new mining arm of Asamera Inc., Asamera Minerals reports net profits from the start of operations on July 1 to Sept 30, of $1.1 million(US) on revenues of $6 million.
Pro-forma results (which assume the transfer of all Asamera’s mining interests to Asamera Minerals effective Jan 1 rather than July 1), show 9-month net profits amounted to $4.5 million on revenues of $18.7 million.
At the 51%-owned Cannon mine at Wenatchee, Wash., 110,595 tons of ore were processed to produce 32,465 oz gold and 35,593 oz silver during the quarter. Pro-forma results for the nine months show 348,862 tons of ore processed to produce 98,929 oz gold and 123,840 oz silver. Average head grade was 0.311 oz gold per ton.
Ongoing drilling of the B-4 zone and the B-Tween zone is adding considerable tonnage to reserves (N.M., Sept 21/87). Asamera has interests in 3,500 acres of exploratory lands in the Wenatchee area. Recent drilling in the southern portion has found a large silicified and mineralized zone with grades running 0.02 oz gold with occasional intercepts as high as 0.5 oz gold. Plans are to drive a 6,000-ft tunnel to permit underground drilling to better evaluate the zone.
Recent emphasis of exploration activity in Canada has been in the N.W.T. At Rankin Inlet, a platinum group element prospect which contains the old Rankin nickel mine, initial samples have shown platinum gold element values of up to 0.28 oz.
At the Baker Lake gold project, where Asamera has the right to earn a 60% interest in 500,000 acres, results of the summer field work were disappointing. Although mineralization was found, it was not sufficient to indicate a potential orebody.
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