Fifteen Years Ago / January 1989

Barrick expands Goldstrike

Toronto-based American Barrick Resources is about to embark on one of the most ambitious mine development programs ever undertaken by a Canadian gold producer.

Over the next four years, the company will spend $365 million to harvest the vast ore reserves contained in the surface Post and Betze deposits at the Goldstrike mine near Elko, Nev.

Using open-pit methods, Barrick plans to increase its gold output at Goldstrike to 900,000 oz. by 1992 from 115,000 oz. currently.

More gold at Eskay Creek

Another lengthy gold intercept has been returned from the Eskay Creek project of Calpine Resources and Consolidated Stikine Silver in northern British Columbia.

The results included 273.9 ft. grading 0.172 oz. gold and 1.5 oz. silver per tonne between 201 and 475 ft. in hole 88-9. Within that interval was 59 ft. of 0.6 oz. gold and 2.8 oz. silver.

With the completion of the latest program, Calpine has earned a half-interest in the property, which is 60 miles northwest of Stewart.

New year rally boosts index

The new year’s rally continues to gain momentum, adding 24.12 points to the composite index, which closed at 3468.54 points. Both the gold and metals indices advanced: the former picked up 32.52 to close at 5455.15 points, while the latter closed at 3381.03 points.

The small gold index advance appeared to be technical, and occurred despite a decline in the price of bullion. The London fix was US$403.80 per oz. today.

Hall of Fame inducts 12

The newly created Canadian Mining Hall of Fame recently welcomed its first 12 members during a gala induction banquet at the Royal York Hotel in Toronto.

Maurice Brown, chairman of the Hall of Fame and former editor of The Northern Miner, presided over the ceremonies for the inaugural dinner, with Falconbridge’s William James delivering the keynote address.

The inductees, two of whom are still living, were selected from candidates nominated by 14 mining-oriented organizations from across the country.

Among the inductees were Pierre Beauchemin (1892-1968), Frederick McConnell (1883-1980), Dr. Duncan Derry (1906-1987), H.H. “Spud” Huestis (1907-1979), Franc Joubin (b. 1911), Gilbert LaBine (1890-1977), Thayer Lindsley (1882-1976), James Y. Murdoch (1890-1962), Stephen Roman (1921-1988), Karl Springer (b. 1899), Jules Timmins (1889-1971) and Murray Watts (1909-1982).