Canadian Nickel Co. (Canico), the exploration arm of Inco Ltd. has started a 55,000-ft diamond drill program on the Douay Twp. property of Vior Inc., in Quebec’s Casa Berardi area.
Vior holds the property under option from Canico, and Cambior Inc.
A spokesman for Vior tells The Northern Miner two machines are being used in the program, which will cost in excess of $1 million, and continue for several months.
Vior says it has received just short of $1,500,000 of a total issue of $2,253,000, as the result of first closing from its current public issue of flow-through shares. The second and last closing was scheduled for Aug. 28.
Most of the proceeds from the issue will be expended on the Douay property, the company says. The objective of operator Canico’s current program is to double reserves on the property, currently estimated at 297,000 tons at a grade of 0.223 oz gold per ton.
It’s expected to verify a gold horizon that stretches on more than 12 km on the property.
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