The Red Mountain gold-silver project near Stewart, B.C., is the best prospect in Canada for Lac Minerals (TSE), according to Michael Bates of Lac North America.
The project was the scene of considerable exploration activity in 1993 and is where a two-million-ounce gold resource will be proved up and developed this year.
Prefeasibility work is also taking place, with a view to seek a mine development certificate later this year. The company is proposing an underground mine that would produce 230,000 oz. gold annually. The ore would be processed in an underground mill.
Reent exploration has been focused on the Marc, AV and JW zones. Mineralization consists of densely disseminated to massive pyrite and/or pyrite stringers and veins. These are haloed by variable amounts of pyrrhotite and sphalerite, as well as minor chalcopyrite, arsenopyrite, galena and tetrahedrite.
High-grade gold values are usually associated with the semi-massive, coarse-grained pyrite aggregates but may also occur with the stockwork pyrite stringers and veins. Gold occurs mainly as native gold, electrum and tellurides. Visible gold is rare.
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