Production from the first level of Treminco Resources’ Ptarmigan mine project is on schedule and will be treated under a revised milling contract with Giant Yellowknife Mines. According to Treminco President Roland Trenaman revenue from fourth-quarter production should exceed $1.2 million.
The first level has been reached by an exploration decline along the eastern extension of the Ptarmigan vein which encountered a 30-ft zone averaging 0.22 oz gold over an average width of 4.4 ft. Mr Trenaman says this confirms the presence of an additional ore shoot which is not contained in mine reserves. A drill program is scheduled to begin this December to test for extensions of this vein and other parallel structures.
Stope development is under way and the level was found to be in good condition, considering the mine was shut down during the war. Measured reserves on the first level are 35,800 tons containing approximately 15,000 oz gold. The second level, which will be reached in November, has measured indicated and broken reserves of 24,200 tons containing about 10,000 oz gold.
The decline to the second level of the Tom gold mine is continuing and the 250-ft level should be reached sometime in November. Funds are in place to see the Ptarmigan and Tom projects through to production. But the company is seeking senior financing to expand its asset base at Yellowknife and acquire other potential producers elsewhere.
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