With a new joint-venture partner now in place, Claimstaker Resources (VSE) can proceed with further exploration and development work at the Blackdome gold mine property near Clinton, B.C.
An agreement-in-principal gives Petro Plus (ASE) the right to earn a half interest in the property by spending $2.5 million before May 1, 1997.
Claimstaker will operate the property, and the agreement calls for Petro Plus to deliver $500,000 by June 17, 1996, to fund an initial work program.
The Blackdome mine includes a 210-ton-per-day mill and, at last report, the resource was estimated at 176,000 tons grading 0.47 oz. gold and 1.08 oz.
silver per ton.
Initial work will focus on confirming the resource with the objective of making a production decision within the next few months.
Previous production at Blackdome, from 1986 to 1991, totalled 225,000 oz.
gold and 550,000 oz. silver from some 370,000 tons of ore grading 0.64 oz.
gold and 1.49 oz. silver.
Claimstaker’s previous partner, Aurizon Mines, dropped the property late last year after a drilling and development program returned unsatisfactory results.
.A
Exchg Vol(000s) Close
Petro Plus A A 11364 130
TVX Gold Inc T 10106 $12 3/4
South Atlntc D V 9332 237
Kinross Gld T 8597 $12 3/8
Black Swan Gd T 8559 71
Keylock Res A A 8368 72
William Res T 6657 177
Lytton Minls T 4828 370
MVP Capital T 4785 8
Mineral Res T 4673 8
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