An agreement has been reached between Macamic Resources and Coniagas Mines to further explore and develop the latter’s alluvial gold properties in Beauce Cty., Que.
Macamic will spend $1 million to acquire a 50% interest, with $500,000 to be spent before March 1, 1988. The agreement is subject to regulatory approval.
The properties are 70 km southeast of Quebec City and include the historical Gilbert River gold placer.
Coniagas has had an interest in the area directly or indirectly since the 1960s. In 1984 Coniagas undertook the first systematic exploration program for gold placers in Beauce Cty. through a subsidiary, Quebec Sturgeon River Mines.
That program included mapping of Quaternary and glacial deposits, their characterization and the processing of large samples for gold content evaluation. Drilling of 55 holes spread over three locations followed. High concentrations of gold were observed on three sections of the Gilbert River property and about 45,000 oz gold are estimated to be dispersed in 1.8 million cu m of gravel.
Recent follow-up work included additional basic exploration, free gold determination, seismic work and trenching.
Macamic, which is managing the next phase, wants to bring the project to the pre-production phase by increasing gold reserves through detailed drilling and further exploration of promising areas using seismic surveys and drilling.
The Groupe de Recherche en Geologie de l’Ingenieur of Laval University will continue to lend its expertise to the project.
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