Exploration is planned for the high-grade Central zone on the Howards Pass lead-zinc prospect of Canex Placer, a wholly owned subsidiary of Placer Development, on the border of the Yukon and Northwest Territories.
In early 1978, Canex will launch a 1-year underground program in order to obtain material for bulk sampling.
Two diamond drills will endeavour to expand and define the zone, which is open downdip and along strike to the northeast.
Altogether, 125 holes have been drilled. The company has released no figures on indicated tonnage but says that, under certain conditions, the property could prove to be one of North America’s largest lead-zinc mines.
IMF sells more gold
At its 12th gold auction in early August, the International Monetary Fund sold 524,800 oz. at US$146.26 per oz., slightly higher than the London bullion market’s second fix of US$146 per oz. on the same day.
This marked the highest auction price since May, when gold received US$148.02 per oz. Analysts attribute the higher auction price to monetary uncertainties precipitated by the U.S. dollar and the sluggishness of the long-awaited economic recovery. Gold observers believe that the metal will soon test the US$150-per-oz. price level.
Meanwhile, an indication of the increasing interest in gold can be gleaned from the fact that bids were received for a total of 1.4 million oz.
Falco shuts down operations
After putting it off as long as possible, Falconbridge Nickel Mines is shutting down all its facilities in the Sudbury area for several weeks.
With holidays and long weekends taken into account, the closure is expected to last about six weeks and affect about 4,000 employees.
A company spokesman says this is only a partial solution to the overproduction problem and that “additional measures will be required unless there is an immediate improvement in nickel sales.”
Falco announced the shutdown earlier than expected, perhaps in response to speculation that neighbouring Inco is also planning shutdowns and layoffs.
No ocean mining until 2000
Existing conceptual technology for the mining of ocean-floor mineral deposits is still a far cry from commercial-scale production, according to an unnamed representative of the federal mines ministry.
Commenting on speculation that ocean mining is likely to occur on a commercial scale between 1980 and 1985, the federal expert says 2000 is a more realistic date.
Sturgeon Lake JV posts profit
Despite prevailing low metals prices, earnings from the Sturgeon Lake joint venture in northwestern Ontario have been rising. Operating profits are now approaching $1 million per month. Sturgeon Lake Mines is owned by Falconbridge Copper (66%) and NBU Mines (the remainder).
Millhead grades and recoveries are both higher than they were a year ago.
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