To date, Petromet and Newfoundland Exploration have funded $3.4 million of the $3.8-million program. Upon completion of the work, each company will earn a 50% interest. Teck has the right to earn a 50% interest by providing additional fun ding for feasibility work and by arranging production financing. Thereafter, Petromet and Newfoundland would have their respective interest reduced to 25%.
The results from metallurgical testing on material from the Rambler mine tailings is expected shortly. This information will enable plant design to proceed, P etromet says. The tailings host reserves of 1.28 million tons grading 0.049 oz g old per ton and 0.31% copper. The initial metallurgical results are encouraging, Petromet says.
At the Main mine, drilling from the 650-ft level, the deepest level in this zone, was successful in extending the deposit to a depth of 1,400 ft.
The zone produced 440,000 tons of ore grading 1.3% copper, 2.16% zinc and 0.15 oz gold. Mining from four separate deposits on the properties yielded 4.7 million tons of copper-gold ore from 1964 to 1982 when the operati on was closed.
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