A $5.8-million plant is to be built to treat the 260,000 tons of arsenical gold concentrates stockpiled at the Snow Lake property of Nor- Acme Gold Mines in Manitoba. These grade 0.324 oz gold per ton representing 84,250 oz.
The company had optioned these concentrates to Comieso Corp. which carried out extensive testing before exercising this option which it has assigned to Snow Lake Gold Corp. Snow Lake, in turn, has entered into an agreement with G D Resources which will construct the plant this spring. Production, which will commence before year end, is expected to continue for 5 to 7 years.
Nor-Acme will receive 5% of the gross sale value of all gold and silver recovered. On the basis of an 85% recovery, it expects to receive about $330,000 annually from this source, President A. L. Parres tells The Northern Miner.
There are 3,676,000 shares issued, listed on the tse.
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