The Holloway gold project in northeastern Ontario could be in production by late 1995 pending approval by partners Hemlo Gold Mines (TSE), Freewest Resources (TSE) and Teddy Bear Valley Mines (CDN).
A decision is expected at any time with the completion of a feasibility study.
Hemlo Gold has an approximate 60% direct and indirect interest in the project 60 km east of Matheson and immediately north of the Holt-McDermott gold mine. Reserves of 5 million tonnes grading 8.4 grams gold per tonne, contained mainly in the Lightning zone, have been outlined.
The capital cost to construct a 1,500-tonne-per-day mill is estimated to be $60 million. The ore would be custom-milled. Total estimated annual output is 130,000-140,000 oz.
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