Octan completes Terra mine deal (January 30, 1989)

They include the Norex, Silver Bear and Camsell River silver properties plus an all-weather airstrip and 500-ton-per-day mill. Comprising 11 mineral leases and one mineral claim, the assets also include surface infrastructure and underground mining equipment.

While Octan hasn’t revealed yet what it paid for the assets, the company is proceeding with a 6,000-ft drilling program. It will concentrate on water targets to take advantage of ice drilling platforms. “We will also be drilling to define the reserves near exploration hole B-88-6,” said Pre sident Martin Burger. The hole included an 8-ft intersection that assayed 133.4 oz silver per ton.

The winter program is financed through a $585,000 flow-through private placement with NIM Resource — 1988 and Co. Ltd.

Before the Camsell River mine was mothballed in 1985, Terra produced 216,749 oz silver in the first three months of that year.

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