Water from the 75-year-old Hunter mine near Timmins, Ont., has been pumped down to the first level. Sheathing is being installed on new surface buildings and drifting should begin underground in early March.
This news, according to Donald Borne, mining engineer for the operator of the project, Master Resources & Developments who visited the property recently.
Electricity will be available on the site next week and a new hoist will be installed soon to service the 3-compartment, inclined shaft which extends to a depth of about 700 ft.
The work is being financed by a private placement of 5.3 million shares, which shareholders agreed in December to sell to Somicom 1987, a limited partnership managed by Dominion Securities, for 47 cents a share.
The sale will bring the total number of shares outstanding to about 8.8 million.
Master can retain a 50% interest in the property by making these expenditures. Coats-listed Wabigoon Resources retains the other 50%.
Reserves stand at 160,000 tons grading 0.237 oz gold per ton, but significant potential remains for increasing these substantially.
Master’s shares trade on the Vancouver Stock Exchange, this week at about 25 cents while Wabigoon shares traded at about 50 cents .
Be the first to comment on "Master rehabilitating Hunter mine, Timmins"