A flow-through financing worth $350,000 will allow Ressources Robex (ME) to proceed with a drilling program and ore-reserve re-evaluation at the Baie Bateman property in the Chibougamau area of Quebec.
Robex is earning a 25% interest in the property as well as a 12-month exclusive right to finance any subsequent development program under an October, 1991, option agreement.
“We are one of the lucky juniors that succeeded in a flow-through financing in 1991,” President Jean-Louis Robert said, adding that it is positive news for juniors.
The property sits between two gold-copper mines in Roy and McKenzie twps. Probable reserves of 680,000 tonnes grading 1.76% copper and 3.4 grams gold and 16.7 grams silver per tonne to a vertical depth of 200 metres are estimated, Robex said.
Bateman workings include a 3-compartment shaft and four development levels. Robex said the reserves sit in two main lenses enclosed in a shear zone about 150 metres wide. The structure and type of mineralization are similar to that of the nearby mines, where mineralization has been encountered at 1,300 metres and is open at depth, the company said.
Robex said two holes will test gold zones grading better than 6.9 grams (0.2 oz. per ton), to a vertical depth of 450
metres.
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