EXPLORATION ’87 LOUVEM MINES

During 1986 Louvem Mines’ total land position doubled to 50,000 acres, mostly by staking in the Casa Berardi area. This year Louvem intends to do most of its exploration and development work on three of its gold-bearing properties: Monique, Simon and Courvan. These properties have been brought to the stage where underground development is necessary.

The gold-sheared zone of the Monique property is known over a distance of 345 m. In 1987 Louvem intends to complete 20,000 ft of diamond drilling on the zone, which is open to the east, west and at depth. Louvem also intends to go underground via a decline to assess reserves, which have been estimated at 591,000 tonnes grading 6.3 g/t. This is expected to cost $8 million.

The Insmill zone of the Simon property is about 600 m west of the underground development at Louvem’s Chimo mine. This zone has two gold-bearing ore lenses. These connect with the stratigraphic and structural horizons of zones 3 and 5 of the Chimo mine, and are known to be 125 m deep and open to the west and at depth. Louvem plans to explore these ore lenses by drilling from surface and by doing underground development. This work will also facilitate the understanding of some of the zones of the Chimo mine. The estimated cost for this operation is $7 million.

The Courvan property, on the eastern boundary of the Bourlamaque batholith, has many known mineralized zones. Certain zones have already been worked on, including the Beaufor, Creek and Cournor. The Southwest zone has known reserves of 101,800 tons grading 6 g per ton. These reserves are calculated over a distance of 500 ft east-west along the structures and to a depth of 500 ft. The structures are open at depth and to the west, but drilling alone could not establish an accurate calculation in this type of mineralization. During 1987 Louvem intends to spend $7 million on a ramp that will go down to the 500-ft level. Louvem will be spending $500,000 this year on the Akasaba property with a partner. Reserves are 376,000 tonnes grading 5.42 g/t. Furthermore this property, which extends far to the south, has a large number of sites that are most favorable and which will be further explored during the year.

Louvem also intends to work other gold-bearing properties near the Chimo mine as well as those in the structural corridors of Casa Berardi and Chicobi. Finally, some work will be done on the Manitou property, east of Val d’Or and alongside the southern boundary of the Bourlamaque batholith. This property is directly adjacent to the Wrightbar property where an exploration ramp is now being driven.