Proceeds from a $850,000 private placement will enable MacMillan Gold (MMG-T) to increase its ownership in the Mishi gold property in northern Ontario.
The 566-claim property includes the Main zone, which contains a preliminary reserve estimate of 1.4 million tonnes grading 4.26 grams gold per tonne.
MacMillan has a half interest in the property, and plans to acquire the remaining half from Granges.
The company intends to begin a feasibility study on the deposit in July, with surface exploration on the surrounding property scheduled for August.
Meanwhile, exploration on the company’s Cruz de Oro gold property in southern Peru has begun. A program of detailed mapping, sampling and trenching of gold-bearing quartz stockworks is under way, to be followed by diamond drilling.
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