The former producing Thompson-Lundmark gold mine near Yellowknife, N. W.T., is ready for diamond drilling following a $500,000 exploration program, Ardic Exploration and Development and Consolidated Thompson-Lundmark Gold Mines say. Ardic holds the property under option.
During the recently completed program, 19,000 ft of drill core, acquired during the 1940s, was shipped to Toronto for re-logging and assaying. Both companies say that the examination revealed several quartz veins not previously known to be gold bearing.
In the 1940s, the Lundmark mine produced more than 70,000 oz of gold from 137,596 tons of ore grading 0.52 oz gold per ton. Proven reserves of 72,000 tons grading 0.2 oz gold per ton, remain in the mine workings.
Preliminary surface work has also been carried out on the Bruyere Twp., gold property 35 miles northeast of Wawa, Ont. Grab samples from quartz veins assayed up to 0.74 oz gold per ton.
For the year ended June 30, Thompson-Lundmark generated revenue of $444,712 which yielded net income of $356,366. A large part of the revenue appears to be extraordinary, consisting of $172,930 from the company’s 39.5%-owned subsidiary.
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