MSV’s Eastmain bet site of winter drilling

The program will involve drilling 60 holes representing 8,000 m. Completion date for the program is the end of February.

MSV says its main objective is to test for possible reserves contained in the lateral and vertical extensions of the A and B zones. In addition, at least seven drill holes will be completed in the C zone where no work has been carried out since 1985. Also, eight holes representing 1,200 m will explore targets identified through previous prospecting efforts.

Until last year, Placer Dome (TSE) had a 51% interest in the Eastmain property, which hosts reserves of 1.12 million tons grading 0.45 oz gold per ton. Eastmain sold its interest to project partner MSV, which is near completion of a feasibility study for the project.

MSV recently added $1.3 million to its coffers through a private placement with Northgate Exploration (TSE). Northgate also agreed to lend $5.2 million to MSV, the funds to be used by MSV to complete its Eastmain deal with Placer Dome.

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