The Cambior drilling at Cameron Lake

Diamond drilling has begun at the Cameron Lake gold property, a joint venture between Nuinsco Resources (NWI-T) and Cambior (CBJ-T).

The project lies 80 km southeast of Kenora, Ont. Reserves are estimated at 4.3 million tonnes grading 3.96 grams gold per tonne. Further definition drilling at depth is necessary to delineate reserves.

Cambior, which is earning into the project by doing the drilling, has designed a computer model of planned production. With recoverable gold reserves in excess of 500,000 oz., the partners expect to mill 2,200 tonnes per day over a mine life of seven years. The cash cost is anticipated to be $33 per tonne. Cambior has the option of acquiring a minimum 51% interest in the Cameron Lake project, and would be appointed operator, should it spend $1.5 million and assist in bringing the project into production.