NEWS ROUNDUP — Ecudor options McWatters mine

Montreal-listed Societe Miniere Ecudor will acquire the past-producing McWatters gold mine near Rouyn-Noranda, Que.

From 1933 to 1944, the mine yielded 368,000 tons of ore averaging 0.31 oz. gold per ton to produce 115,000 oz. Current possible reserves are estimated to be 954,188 tons averaging 0.168 oz. after a 15% dilution at 0.005 oz. gold per ton, with a cutoff of 0.075 oz. per ton.

Only 35% of the known gold-bearing zone has been explored, to a depth of 900 ft.; as well, the mineralization is open along strike. The McWatters property is contiguous with Ecudor’s Adanac gold property, where the company has discovered a gold-bearing structure.

Ecudor will pay $1.1 million over one year for the mine.