Roxmark Mines (RMK-V) has confirmed that the Northern Empire gold mine near Beardmore, Ont., has an indicated resource of nearly 30,000 oz. gold and an inferred resource of about 21,000 oz. gold.
The new indicated resource is contained in 87,000 tonnes grading 10.7 grams gold per tonne while the inferred resources is contained in nearly 65,000 tonnes grading 9.95 grams gold per tonne.
Roxmark is working on a scoping study with the hopes of bringing the mine back into production, exploiting the leftover ore and making use of the infrastructure already there. Northern Empire was operated by Newmont Mines from 1934-41 and produced 149,000 oz. gold. The mine shaft extends to 800 metres depth.
The scoping study will include the dewatering of the shaft and installing a headframe, hoist and ancillary equipment on surface and underground. The company may also do an underground bulk sample of about 3,500-4,000 tonnes to be processed in the mill.
The 200-tonne-per-day mill was built in 1982 and upgraded by Roxmark a few years ago to process gold and molybdenum ore. It can be expanded to 500 tonnes per day.
Roxmark shares fell 2¢to 4¢ apiece on a trading volume of 95,000 shares. The company has a 52-week trading range of 3¢-29¢ and 111 million shares outstanding.
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