The Con underground gold mine near Yellowknife, N.W.T., is set to undergo major exploration.
Owner Miramar Mining (TSE) expects to complete more than 65,000 ft. of drilling in 1994, with initial work (to the end of February) being funded through a $575,000 flow-through private placement of 100,000 shares at $5.75. Virtually all production from the mine has come from two shear zones, known as Con and Campbell.
The Con mine property comprises 26 sq. miles of mineral rights, including 18 miles of favorable shear zones geologically similar to the Con and Campbell shears. Less than 10% of the shears have been explored in any detail and more than 12 miles of shear have yet to be drill-tested.
Miramar plans to focus on four targets: the newly discovered Footwall shear; two strike extensions of the Campbell shear; and deeper portions of the Con shear. (The Footwall shear, discovered in 1992, runs parallel to Con and Campbell.)
Proven and probable reserves are estimated at 3.5 million tons grading 0.31 oz. gold per ton.
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