The Douay gold project in Quebec’s Casa Berardi region will soon become a joint venture between two partners, Inco (TSE) and Societe d’Exploration Miniere Vior (ME). Vior says an agreement has been reached with Cambior (TSE) for the purchase of the latter’s proportionate share of the project. The deal will give Vior a 47% interest and Inco the remaining 53%.
The three companies announced early in 1990 the discovery of the West zone on their property in Douay Twp. Inco, the operator, drilled to test the zone throughout the year. In October, Vior released a preliminary reserve estimate of 584,000 tons grading 0.3 oz. gold per ton for the zone, which is open at depth.
Previous drilling (in 1981) near the centre of the property revealed a separate zone hosting preliminary reserves of 557,000 tons grading 0.23 oz.
Prior to this latest transaction, Inco had a 42% interest, Vior a 37% interest and Cambior a 21% interest.
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