A diamond drill program was completed recently by Sikaman Gold Resources (TSE) on the company’s Kaminak Lake gold property located 160 km southwest of Rankin Inlet in the Northwest Territories.
The company says that it was successful in testing about 75% of the planned drill targets during the recent program. More drilling, using larger machines, is scheduled to commence in April. Assay results from the recent program should be available next month, says Sikaman’s president, Thomas Griffis. The Kaminak Lake property was acquired last year by Sikaman following the recommendation of an independent study. The company is seeking mineralization similar to that discovered by Noble Peak Resources (TSE) and Dejour Mines (ASE) on their nearby Turquetil gold property.
In the Snow Lake area of Manitoba, Sikaman is currently looking at the feasibility of treating 275,000 tons of calcite concentrate tailings from the old Nor Acme gold mine. The refractory tailings have an attractive grade of about 0.37 oz gold per ton and have been idle since the 1950s, awaiting the development of a suitable process to treat refractory ores.
Griffis says Sikaman plans to test the “arseno process,” which uses nitric acid and can overcome many of the environmental concerns that have prohibited past treatment schemes. He says if the arseno process plant is successful, it will be one of the first of its kind in the country.
Regarding financing, Sikaman is currently undertaking a public financing through the investment firm of Midland Doherty Ltd.
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