Kimex Resources (ME) has signed a letter of intent with Wabigoon Resources (COATS) which gives Kimex the right to earn a 50% interest in Wabigoon’s Hunter gold project near Timmins, Ont.
The interest can be earned by Kimex after the expenditure of $3 million on exploration over a 2-year period. Kimex will focus on defining minimum minable reserves of 250,000-300,000 tons grading 0.25 oz. gold per ton, which would be suitable for supporting a 200-ton- per-day mining operation. Milling would be on a custom basis in Timmins.
Infrastructure on the property includes a 3-compartment shaft to 700 ft., six levels, a headframe, a shaft house, an office building, a shop and an engineering office. Previous exploration defined the presence of eight veins hosting a geological reserve of 500,000 tons.
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