Ressources Minieres Canaco (MSE) has signed an agreement allowing it to acquire a 50% interest in First Standard Mining’s (VSE) Val St-Gilles gold property north of Lasarre, Que. To earn its interest, Canaco must spend $1.5 million on exploration before the end of 1993.
The 26-claim property, which has been explored intermittently since 1980, has an access ramp, underground drifting on several levels, and a 150-ton-per-day mill.
Three gold-bearing quartz veins have been identified on the property: the Main, New and Mercier veins. Drill intersections on the Main vein have returned values up to 20.9 grams gold per tonne over three metres. All of the veins are open along strike and at depth.
New reserves will be calculated and a bulk sample will be collected later this fall. Plans are under way to refurbish the existing mill so that the bulk sample may be processed on site.
The agreement is subject to regulatory approval.
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