Almaden resumes Siwash drilling

Junior Almaden Minerals (AMM-T) has launched a small drill program with view toward restarting the Siwash gold mine, near Merritt, B.C.

In the 1990s, Siwash produced 51,750 oz. from 18,400 tons of ore. Mining was restricted to the Siwash North structure.

The current, 2,600-metre campaign will focus on the WD vein, north of, parallel to, Siwash North. A deep hole drilled last year pulled up 2.15 metres (true width) averaging 0.567 oz. gold per ton.

Almaden also is attempting to raise $1.05 million via the private placement of 1.5 million units. A unit consists of a share and a warrant that can be exercised within a year of the deal’s closing at $1.25. The exercise price rises by 25 in each of the following four years of the warrant’s validity, and all he warrants must be tendered if the company’s share price exceeds the exercise price by 50 in any given year.

The deal was to have closed in late August.