Partners Tundra Gold Mines (VSE) and Teck Corp. (TSE) continue to receive encouraging results from drilling on the No 4 plug near the former producing Lamaque gold mine at Val d’Or, Que. Tundra, which can earn a 50% interest in the large property, but not in the mine and mill, feels tonnages in the plug could be doubled.
Current reserves stand at 431,000 tons grading 0.16 oz gold per ton. Drilling to the east is adding 160,000 tons of reserves per every 100 ft of advance, Tundra estimates. Based on these results, the company believes that the threshold reserve required by Teck to reopen the mine will be met by reserves being outlined in the No 4 plug.
Teck says that a minimum one million tons of mine grade ore is required to reopen one 600-ton-per- day circuit in the mill (N.M., Aug. 24/87). The Lamaque mill, which shut down in 1985, consists of three 600-ton-per-day circuits. During its 50-year life, the mine produced 21 million tons of ore grading 0.196 oz.
Tundra can earn a 50% interest in the property by spending $9 million on exploration over a 3-year period.
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