Louvicourt, Ronrico nearing new gold zone

Louvicourt Gold Mines says drifting to access a newly-discovered gold zone is set to begin on its Louvicourt property near Val d’Or, Que.

The workings of the former producer have been dewatered to the fifth level at 825 ft. Mapping and sampling of the four upper levels is now being done. This work has shown that three structures from which production took place in the late 1940s have accessible extensions with future production potential, the company says.

The drift to the new zone east of the existing workings will test another structure, designated the E vein, for a length of 820 ft. Diamond drilling indicates an average grade for this zone of 0.35 oz gold per ton before dilution, although no tonnage estimate has been made yet. Millhead grade during production at the mine in the late 1940s was 0.14 oz.

The underground work is being financed by Ronrico Explorations. Ronrico has earned a 25% interest in the property by spending $2 million on the property. Ronrico can gain a further 15% interest by spending another $2.5 million before April 1, 1989, and has an option to earn a further 10% interest by spending another $2.5 million by April 1, 1990.