Taylor resurrection gets independent nod

An independent consultant to St Andrew Goldfields (SAS-T) has corroborated the need for an underground exploration and development program at the Taylor project, near Timmins, Ontario.

Taylor, which was briefly developed in the late 1980s, currently hosts drill-indicated and inferred resources of 2.7 million tons averaging 0.223 oz. gold per ton. The resource is spread among three zones, the largest of which, West Porphyry, with 1.85 million tons grading 0.253 oz., would be the focus of the program.

Micon International suggests that $14 million be spent over the next 18 months to de-water the shaft, develop 8,500 ft. of underground workings (including driving a ramp from the shaft) and complete 93,600 ft. of drilling. This work would serve not only to prove up the resource, but provide a 20,000-ton bulk sample for testing at St Andrew’s mill, in the nearby township of Stock.

Following the program, another $10 million would have to be spent on stope and mine development. St Andrew believes that the desired mining rate of 1,000 tons per day could be achieved in six months.

St Andrew projects cash costs at $60-65 per ton.

Funds for the first phase of work would raised by way of a proposed financing with Baynet, a Nasdaq-listed company involved in the development of a business-to-business mining portal. The deal could generate as much as $22 million in gross proceeds (T.N.M., Oct. 9/00).