Toronto-listed Northumberland Mines, which is about 90%-controlled by another Toronto-listed company — NovaGold Resources — has reached an agreement with two limited partnerships for $2.8 million in flow-through funds.
The two partnerships are 1988 TAP-IV Resources and Middlefield Resource Fund.
The money will be used to drive the decline at the Cochrane Hill gold property in Halifax, Cty, N.S., to the 300-ft level and to drive two separate crosscuts through the mineralized zone.
This work should provide any where from 5,000 to 10,000 tons of mineralized material which could then be processed on surface to test its metallurgical properties and gold content.
Northumberland also plans to continue the dewatering program on another Nova Scotia gold property — the Goldenville property, also in Halifax Cty. The former mine will be dewatered to the 600-ft level.
The newly-appointed president of Northumberland, Gerald J. McConnell, says stripping and trenching will also be done at Goldenville to test the near surface potential of the gold mineralization there.
McConnell was appointed President of Northumberland early last month and former President Dr William Young was demoted to vice- president. Other new members of the Northumberland board include Angus MacIsaac, Thomas Lynch and Dara Gordon.
McConnell and Dr Young are also president and vice-president respectively of NovaGold.
Northumberland’s shares traded in Toronto this week at about 64 cents while NovaGold shares were fetching $3.40.
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