Goldteck positive on several projects

The company recently acquired placer gold concessions in central Chile where gold-rich gravel has been identified in several stream systems.

President W.R. Bergey said the low-cost Chilean project “has the best chance of going ahead in the short term.” He said one stream could be in production by mid-1990. The company is negotiating with the owners of o ther properties in the region for additional placer ground.

In Nevada, along the Carlin trend, an updated reserve figure for the Bellview heap leach gold project is expected in the near future. Bergey suggested reserves may be increased to 1.3-1.4 million tons with a grade “perhaps pushing 0.04 oz gold per ton.”

Bulk samples from Bellview are undergoing column leach testing at Reno. Depending on the test results, a feasibility study could be under way in December. Goldteck has a 60% interest in the project and Rochester Minerals a 40% interest. Exploration and development work is being directed by Teck Corp. (TSE). Bergey said Goldteck is hoping to be able to place the project into production in 1990.

In northern Ontario, the company reports three series of bulk metallurgical tests have been carried out on portions of 3.5 million tons of tailings at the old Matachewan Consolidated mine west of Kirkland Lake.

The results indicate the material is amenable to low-cost gravity separation, with recovery of gold and tungsten. Additional drilling is being done to confirm the results of reconnaissance drill holes which indicated a grade of 0.015 oz. Phil Brown of Goldteck’s North Bay, Ont., office said, “Approximately half our values are free gold.”

Among Goldteck’s other projects is a graphite play at the northwest corner of Ontario’s Algonquin Park. Brown said exploration to date indicates a grade of 5-8% graphitic carbon.

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