Queenston Gold Mines says it has arranged a $500,000 flow-through share financing for current exploration projects in the Kirkland Lake and Detour Lake areas.
President Michael Gray says for instance a drill program is expected to resume soon on the Detour Lake joint venture of Queenston, Falconbridge Ltd., and Bruneau Mining Corp., following a review of recent drilling on the property.
The drilling to date, totalling 16,745 ft in 32 holes, appears to have located a significant zone of anomalous gold in basic volcanics and sediments along a strike length of more than five kilometres, Mr Gray says.
The Queenston president says consideration is also being given to exploration programs on other Queenston properties, including its Upper Canada Mine, and Kirkland Lake West holdings.
The company reports revenues for the six months to June 30 of $1,903,000, compared to revenues in the similar period last year of $1,200,000.
Net income for the latest period was $159,393, after extraordinary items for reduction of income taxes of $72,000, against net of $506,147 in the 1985 six months.
Cash flow from operations was $487,128, ($467,403 last year). Working capital increased by $87,023, to $1,335,181 as at June 30.
Mining has been completed in the McBean mine open pit, in the Kirkland Lake area, (Queenston interest 35%, Inco Ltd. 65%), but Mr Gray says it’s expected milling of stockpiled ore will continue into October, and efforts to secure custom milling ore from other sources are continuing.
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