Tundra Gold Mines (VSE) is preparing an offer to purchase the interest held by Teck Corp. (TSE) in the former producing Lamaque gold mine near Val d’Or, Que. The offer will also be for the 1,800-ton-per-day Lamaque mill and surface infrastructure.
Tundra, which has already spent $8.5 million on the project, will earn a 50% interest in the exploration lands, excluding the mill and former mine, after spending $9 million on exploration.
Derry, Michener, Booth and Wahl, a geological consulting firm, has been hired by Tundra to prepare an independent evaluation of the Lamaque assets. Wright Engineers are also involved in the study. This evaluation will provide the basis of a formal offer to Teck, Tundra says.
Based on underground and surface exploration funded by Tundra, the company has calculated a reserve base of 945,148 tons grading 0.142 oz gold per ton. Teck has stated in the past that to warrant the reopening of one 600-ton-per-day mill module, a minimum threshold reserve of one million tons is required.
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