Staking ground in the Destor-Porcupine Fault area near Timmins has become the latest Holy Grail in the junior gold mining camp.
No less than five junior explorers from Vancouver announced today that they had acquired property in this corner of northeastern Ontario and several made a point of noting the distance their new properties are from the Lake Shore Gold (LSG-T, LSGGF-O) and West Timmins Mining (WTM-T, WTMNF-O) discovery.
In July, Lake Shore Gold and West Timmins Mining announced that a wedge hole on their Thunder Creek gold property in Timmins intersected 12.75 grams gold per tonne over 83.4 metres.
Abitibi Mining (ABB-V), has acquired four gold properties all about 75 km southwest of Timmins; Zinccorp Resources (ZN-V), has acquired three new gold properties, bringing its total to six in the last two months, between 30 km and 70 km southwest of Timmins; Golden Chalice Resources (GCR-V), has picked up one ne property 50 km southwest of Timmins; Amador Gold (AGX-V) has acquired one property adjacent to one of its existing properties, 25 km southwest of the Timmins Mining and Lake Shore Gold’s discovery; and Sedex Mining (SDN-V) has attained a property 10 km southwest of Timmins.
In mid-September MPH Ventures (MPS-V) acquired a new 700-acre property 20 km west of Timmins and 9 km northwest of Lakeshore Gold’s Timmins mine. (The Thunder Creek property that produced the record intercept lies within 800 metres of the Timmins’ mine shaft.)
Lakeshore Gold has completed a pre-feasibility study on its Timmins mine, which is likely to become the company’s first gold producing property. The pre-feasibility study, completed in the third quarter of 2007, based on a 1,000-tonne-per-day operation over an 11-year mine life, estimated an internal rate of return of 38% using uncut grades and including all advanced exploration costs at a US$600 per ounce gold price.
Be the first to comment on "Juniors continue to rush into Timmins area"