Exploration and development of quartz veins on the Beaufor property near Val d’Or, Que., will soon be in high gear now that Aurizon Mines (ME) and Louvem Mines (ME) have joined forces.
The two companies, in a 50-50 venture, plan to spend $500,000 over three months to boost proven and probable reserves to 500,000 tons from the current 309,400 tons grading 0.22 oz. gold per ton.
Most of the mineralization is at depth between 1,500 and 2,150 ft. Access to underground workings of the old Perron and Pascalis Nord mines is possible from a 2,230-ft. shaft. The joint venture is considering mining left-over lenses as well.
St. Genevieve (ME), which holds 20% of Louvem, owns the nearby Norebec-Manitou mill which could process ore on a separate 400-ton-per-day circuit.
Success in exploration could lead to an initial 5-year mine life. Otherwise, the partners could opt for a salvage operation, mining roughly 100,000 tons grading 0.34 oz.
In other news, Aurizon lost $128,603 in the first quarter ended March 31, compared with a loss of $304,182 in the same period a year ago. Aurizon noted that it was expecting revenue this year from the Sleeping Giant mine north of Amos, Que., in which it shares a 50-50 partnership with Cambior Inc. (ME). Projections call for 23,000 oz. gold from the mine this year.
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