An $8.8-million(US) gold loan has been completed by Pacific Trans-Ocean Resources with Lloyds Bank Plc. The financing will cover funding for the Ketza River gold mine development under way in the Yukon. Flow-through share financing totalling $3 million has also been arranged.
Construction and mine development is ahead of schedule, with mine startup set for this month. Full production, according to Canamax Resources, the project operator and equal partner, will be reached by the end of June.
As a result of the 1987 exploration program, several additional sulphide mineralized zones were discovered. At year-end, geological reserves totalled 1.26 million tons grading 0.40 oz gold per ton. The zones remain open at depth.
Pacific is also involved with several exploration programs in Canada. In the Yukon, the company and partner AGIP Resources, are exploring a property which adjoins AGIP’s Mount Skukum gold mine. Channel samples assayed up to 0.58 oz across 6.5 ft.
Near Gordon Lake, N.W.T., the company is carrying out a program which will include drilling. In Ontario, Pacific and Mary Ellen Resources have completed 8,400 ft of drilling on the Eby Twp., property. The partners are testing a section of the Kirkland Lake break which strikes across the property.
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