TECK CORP. Teck’s exploration plans

Teck Explorations will undertake five major programs in 1987 in North America, plus “whatever else comes along,” says President John May. Two of these are former Teck producers (one in Newfoundland, the other in Quebec) and a third is adjacent to a producing Teck mine in British Columbia. Perhaps the most exciting is in the Casa Berardi area of Quebec, where Teck already owns 30% of Golden Knight Resources. About 25 km east of Golden Knight’s gold deposits, at the Estrades project, Teck has discovered three higher grade pods of mineralization within a broad mineralized zone. The polymetallic pods contain reserves of 2.68 million tons grading 0.13 oz gold per ton, 3.13 oz silver per ton, 0.80% copper and 7.39% zinc. Additional drilling will attempt to expand on these reserves.

The Golden Knight horizon, which is known to extend through the northern part of the property, has not been thoroughly tested. Teck is the operator on the project. The Estrades property is jointly held by Golden Hope Resources (40%) and Golden Group Explorations (60%), and Teck holds an option to acquire 50% by equaling their total expenditures.

In Newfoundland Teck will continue surface drilling at Newfoundland Zinc. The mine was closed in April, 1986, because of declining ore grades and zinc prices.

At the Afton copper- gold mine, near Kamloops, B.C., open pit reserves in the main orebody will be exhausted by mid-summer, and production from a nearby zone will last just another year at current copper prices. A potential source of ongoing feed is the lower grade Ajax copper- gold property, 9km from the plant. Teck has taken an option on that property from Cominco and plans an extensive definition drilling program.

In Quebec, property surrounding the closed Lamaque gold mine at Val D’Or is being explored. Teck has optioned to Tundra Gold one part of the very large property. Tundra can earn a 50% interest by spending $9 million. The company has lined up $2.7 million from nim and Company Limited Partnership (1987) to carry out more than 4,000 ft of underground drifting and crosscutting, and 22,400 ft of underground drilling at the lower levels of the old mine. The 6-month program ends mid-year. On another part of the property, Golden Pond Resources can earn a 50% interest by completing 60,000 ft of drilling plus an additional $750,000 in exploration. This program has already identified three new areas of potentially economic gold mineralization.

Indications of Teck’s expanding horizons can be found in the company’s two other 1987 projects. In Nevada, Teck is conducting a regional geochemical reconnaissance program the objective of which is large-tonnage, low-grade, heap-leachable gold deposits. The attraction is, of course, short lead time to production and low cost of operations.

Teck Explorations has also invested $250,000 to purchase 20% of a new public company, Micronesian Mineral Resources Co., which is exploring Micronesia with a joint- venture partner for island- arc, epithermal gold deposits.