Falconbridge cuts 1992 exploration budget by 20%

Toronto-based Falconbridge plans to spend $40 million on exploration in 1992, compared with $50 million in 1991.

Grassroots funds will be directed mainly at projects in Ontario and Manitoba, including a $1.3-million exploration drive around the Kidd Creek mine at Timmins, Ont., says Exploration Vice-President Michael Knuckey. At the Wanapitei anomaly northeast of Sudbury, Ont., the company will spend about $500,000 to test for Sudbury-type mineralization. The Mirage project, as Falconbridge calls the wildcat program, will focus on relatively shallow targets (400-500 metres) on the east portion of the company’s claim group, says Knuckey.

“Mirage is a very long-term grassroots project. It’s something you have to keep picking away at.”

Last year, a 2,200-metre hole in Sheppard Twp. failed to reach the contact between overlying sediments and the targeted basement rocks. The contact shallows to the east.

Falconbridge’s budget, which also covers offshore exploration, does not include the $10 million allocated to the Raglan nickel project in northern Quebec. Although a production decision for Raglan, originally scheduled for the third quarter, has been delayed until next spring because of depressed nickel prices, underground drilling continues.