Quincy Gold (QGO-V) is laying plans for a drill program aimed at confirming an existing historic uranium resource on 10 recently optioned mineral claims in Buckles township in the Elliot Lake area of Ontario.
The company recently agreed to take up to a 75% stake in the land package by paying Canada Enerco $50,000 in cash plus 200,000 shares. To take an initial 50% interest, Quincy must also spend at least $850,000 on exploration by Sept. 1, 2008 and pay another $200,000 and issue 400,000 shares. Another 10% can then be had for another $1 million worth of exploration; Quincy can boost its stake to 75% by completing a bankable feasibility study.
Three previous owners sank a total of 31 holes, with 18 of those used as the basis for a historic indicated resource figure of around 1.3 million tons grading 1.3 lbs. U3O8 per ton. Another 5.3 million tons averaging 1.3 lbs. U3O8 were pegged as indicated, with another 10.9 million tons of 1.1 lbs. U3O8 categorized as possible resources. In all, the resource tips the scales at nearly 17.5 million tons averaging 1.2 lbs. U3O8 per ton, for 20.8 million contained lbs. of U3O8.
Quincy considers the figures to be reliable, but plans drilling to bring them up to National Instrument 43-101 standards.
The property covers three formerly producing uranium mines; mineralization is hosted by conglomerates typical of the Elliott Lake district, which Quincy says has historically produced some 250 million lbs. of U3O8.
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