American Reserve Mining (ME) says rehabilitation of the No. 6 winze on its 40% owned Paymaster project near Timmins, Ont., has been completed down to the 4,975-ft. level and access to the 6,025-ft level is anticipated in about four weeks. The current exploration program at the past-producing mine is being operated by 60% owner Placer Dome (TSE), which also produces gold from its 80-year-old Dome mine nearby at South Porcupine, Ont.
According to American Reserve, exploration drifting, crosscutting and diamond drilling programs will get under way at Paymaster once access to the 6,026-ft. level has been obtained. The No. 6 winze hoist is now operational and the water level is about 5,012 ft. below the shaft’s collar, said Carl Zuber, president of American Reserve.
Meanwhile, there is still no end in sight to the bitter strike at the nearby Dome mine where 587 unionized workers have been off the job since May 7. In the first quarter of 1990, the historic mine lost more than $4 million.
Placer Dome acquired its 60% interest in the Paymaster gold properties adjoining the Dome mine for $18.2 million last year. The company plans to complete a feasibility report on the use of the Dome mill to treat ore from the Paymaster site.
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