Reporting progress on the gold property in the Timmins, Ont. area controlled by joint venture partners Vedron Ltd. and Belmoral Mines, Vedron says a decline ramp has advanced more than 200 ft on the property.
The property has inferred reserves (N.M., Aug 8/86) of one million tons grading 0.2 oz gold per ton to the 1,600-ft level.
Vedron President Leon La Prairie says in addition to work on the decline, a mine haulage road from the main highway to the portal site has been completed over a distance of about one kilometre, and hydro lines have been installed to the portal site, and former Buffalo Ankerite buildings.
The work is being financed by Belmoral, which has to spend $2.3 million on the project to earn 2.6 million Vedron flow-through shares by Feb 28, 1987.
Mr La Prairie says the ore zone on the 160-ft level will be reached within the month. He says that while the project so far has been restricted to a daytime blasting schedule because of its residential area location, the advance on the ramp makes it possible to go on to an around-the-clock blasting schedule.
From previous drilling, underground exploration is expected to find a reserve base ranging from 0.2 to 0.33 oz gold per ton, for an ore development ranging from 750 to 1,000 tons per vertical foot.
A 5,000-ton bulk sample will be shipped to Belmoral’s mill facility in Quebec for testing, results of which will determine the grade and recovery rates, the Vedron president says.
Meantime, on Vedron’s block of claims in Quebec’s Casa Berardi area, plans are in place to drill targets outlined on the property from recently completed work.
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