The Hislop East gold prospect in the Timmins-Matheson area of northern Ontario is inching closer to production as partners St Andrew Goldfields (TSE) and Goldpost Resources (TSE) forgo a final bulk sample in favor of immediate returns. Goldpost says St Andrew has dewatered the shaft to the 450 ft. level and completed some definition drilling. The partners plan to commence operations within the next few weeks, starting with two or three lifts from each level of the property, said Goldpost President Patrick Heenan.
St Andrew, which has a similar orebody already in production in nearby Stock Twp., has agreed to mine and mill Goldpost ore at cost, in exchange for 50% of the profits. The partners have decided that a previous plan to run a 10,000-ton bulk sample through their mill to establish metallurgical compatibility is unnecessary.
Minable reserves at the property total 258,015 tons averaging 0.18 oz. gold per ton contained within a preliminary reserve of 835,544 tons grading 0.17 oz. to the 450 ft. level. Goldpost will be responsible for all future exploration.
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