Two Vancouver companies, Valentine Gold and Tenquille Resources, have agreed on a joint venture to finance development of the Ashlu gold property near Squamish, B.C.
To earn a 50% interest, Valentine has agreed to spend $1.5 million over two years to prove up additional reserves and bring the 150- ton-per-day mill, already on site, into production. An additional $100,000 will be provided in the form of a private placement.
The Ashlu property has proven and possible reserves of 100,000 tons grading 0.25 oz gold per ton.
Extensive surface facilities built in the early 1980s, including the 150-ton mill, offices, shops, warehouse, dry, assay lab and tailings system, are in place but require upgrading. The property was previously mined in 1932-39 producing 15,047 tons of ore grading 0.43 oz gold, 0.5 oz silver and 0.24% copper.
Valentine is operator of the project. The agreement is subject to regulatory approvals.
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