Patricia Mining (PAT-V) will begin de-watering the Lochalsh ramp at its Island Gold project, 70 km southeast of Hemlo, Ont., later this month in anticipation of a program of underground development and drilling.
The plan calls for Dumas Mining Contracting to complete 350 metres of drifting on two levels from the ramp; thereafter, Forage Orbit will sink 7,500 metres worth of underground diamond drilling aimed at defining a mineable resource at the Island/Lochalsh zone.
Meanwhile, assay results from nine surface holes into the North Shear zone and deep extensions of the Island/Lochalsh zone are pending.
At last count, inferred resources at Island Gold stood at 2 million tonnes running 8.3 grams gold per tonne (5444,000 contained ounces) at a cutoff grade of 5 grams gold. This is part of a larger inferred resource of 20.6 million tonnes grading 2.35 grams gold, or 1.6 contained ounces, at a 0.75-gram cutoff.
Patricia hopes to revive the project’s mothballed, fully permitted, 650-tonne-per-day mill and related mining infrastructure.
Once Patricia wraps up the current campaign, Richmont Mines (RIC-T) can opt to earn a 55% interest in the project by putting it into production or spending $10 million. Richmont has also agreed to provide up to an additional $10 million in financing, if required.
In the boardroom, Patricia is looking for a new president and CEO to replace Richard Sutcliffe who will assume the role of chairman.
Patricia currently has around $3.2 million in cash and just shy of 21.5 million shares outstanding.
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