1992 — A LOOK BACK — Cambior active in northwestern Quebec

Val d’Or, Que.-based Cambior (TSE), which is developing another gold property in northwestern Quebec, recently announced its involvement in a pair of underground exploration base metal programs in the same region of the province.

The international gold producer is a partner with Aurizon Mines (TSE) in the Sleeping Giant gold project north of Amos, for which a production decision was announced during the summer. (Cambior is earning a 50% interest in the project, which is a former producer.)

Drilling and drifting continue at the property. Preproduction work is expected to be completed by the end of the second quarter, 1993. Both of the underground programs involve direct Cambior ownership. At the Mobrun polymetallic project 19 miles northeast of Rouyn-Noranda, Audrey Resources (TSE) is going ahead with an 18-month, $7.3 million underground exploration and development program for the 1100 lens. Cambior has acquired a 65% interest in Audrey.

At the Grevet zinc project southeast of Matagami, partners VSM Exploration (ME) and Serem-Quebec have agreed in principle to spend $26.3 million during a 16-month period on underground exploration work. Cambior, which as of November had a 48.6% stake in VSM, reported in late December a successful takeover bid for all of VSM’s outstanding shares.

The Mobrun program consists of deepening the shaft from 1,200 ft. to close to 2,500 ft., infrastructure development, drift excavation and 23,000 ft. of drilling. Project partner Minnova (TSE), with a 50% interest, says it will contribute about $1.4 million for the exploration work.

(Surface installations at Mobrun, including a 1,500-ton-per-day mill, headframe and laboratory, are 100% owned by Audrey.)

Proven and probable reserves at the 1100 lens project are estimated to total 9.6 million tons grading 0.71% copper, 5.05% zinc and 0.9 oz. silver and 0.05 oz. gold per ton.

At the Grevet project, the work will include shaft sinking to a depth of 3,000 ft., development on the 4th, 5th and 6th levels, drifting, 12,700 ft. of drilling and completion of a feasibility study.

VSM and French-owned Serem are 50-50 partners in the project. Once the work program is completed, VSM has an option to acquire an additional 20% interest in the property.

Cambior’s total gold output in 1992 is expected to approach 350,000 oz. The company is forecasting production of more than 500,000 oz. for 1993.