Under a joint venture agreement with Northgate Exploration of Toronto, Norbeau Mines can earn a 60% interest in a former producer called the Lemoine mine property within four years.
Located approximately 19 miles southeast of Chibougamau, Que., the Lemoine mine produced 830,000 tons of ore averaging 9.59% zinc, 4.22% copper, 0.134 oz gold and 2.50 oz silver per ton from 1976 to 1983.
Operations stopped when known ore reserves were exhausted but according to Norbeau, mine mill facilities are still largely intact and generally in good order.
The Toronto company says that following a re-evaluation of the geology of the area and additional geophysical surveys, a number of new drill targets have been identified.
To earn its interest in the property, Norbeau must spend at least $500,000 by February, 1988, before spending an additional $4 million over four years.
According to the company, drilling has started on the first program which consists of 10,000 ft of drilling in two holes to test a deep conductive zone that is possibly associated with the Lemoine ore horizon at a depth of 4,000 ft to 5,000 ft.
The zone was outlined by a Scalar Audio Magneto Telluric (samt) survey which has been successful in the past in identifying large, deep conductive bodies. This program is expected to take about four months to complete.
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