The Geraldton, Ont., property that started it all for former mining giant Lac Minerals has been purchased by Roxmark Mines (TSE).
Roxmark is paying current owner Algoma Steel $80,000 for that property and others adjacent to it, which total 2,790 acres.
The property produced 605,449 oz. gold and 52,750 oz. silver from 1.8 million tons of ore mined between 1934 and 1954. (The agreement exempts Roxmark from any liability resulting from past mining activity at the site.) According to Roxmark, a possible duplication of the ore zone in similar host rock north of the Little Long Lac fault is indicated in drilling from the 25 level, open at depth and up-plunge to surface.
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