Reserves are increasing at the Francoeur gold mine near Rouyn-Noranda, Que., as Richmont Mines (TSE) finds more ore-grade mineralization along the Francoeur-Wasa shear zone.
The underground program involves more than 2,718 ft. of drifting and well over 13,280 ft. of drilling.
Budgeted at $1 million, the program has enabled Richmont to add 147,000 tons at 0.21 oz. gold per ton to minable reserves, and has proved the continuity of mineralization up to 2,000 ft. along strike.
Recent drilling has been applied to the westernmost area of the mine, where exists a zone of alteration with grades ranging up to 0.5 oz. per ton.
An additional 8,000 ft. of underground drilling is planned before the program is completed in August. This phase is being funded 50% by the government of Quebec.
In addition, Richmont will spend $600,000 exploring the Lac Fortune property, situated in Beauchastel Twp.
The first quarter of 1996 was Richmont’s 18th consecutive quarter with positive net earnings. Net earnings were $550,660, or 4 cents per share, compared with $1.02 million, or 7 cents per share in 1995. Revenues were $4.79 million, compared with $5.8 million in 1995.
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