After a long and checkered history as Carolin Mines (NASDAQ), the U.S. company has recently changed its name to Anglo Swiss Mining (NASDAQ), and is starting anew at the Ladner Creek Gold Mine project in British Columbia. Anglo Swiss is planning a $1- million exploration program for the property which, when completed, will be the basis of a production feasibility study.
According to Michael Berns, chairman and chief executive officer of the company, Anglo Swiss “is committed to aggressively developing, expanding and resuming production” at the mine. The company plans to complete 600 ft. of drifting and 8,000 ft. of diamond drilling this year.
Two zones on the property, the McMaster zone and the Idaho zone, are particularly prospective. The average grade of the ore at the Idaho zone is 0.13 oz. According to independent consultant Joseph Shearer, in addition to the 990,000 tons of known gold mineralization at the Idaho zone, the “geological potential of the area is around five to six million tons of mineralized rock.”
Under its old name, Carolin Mines, the company received attention when in 1987 it released unsubstantiated gold and platinum assays from the Ladner Lake mine tailings. The new management has since disassociated itself from these claims.
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