Time ran out for Glimmer Resources (VSE) in its attempt to find financing for the purchase of Hemlo Gold Mines’ (TSE) interest in the Hislop-Beatty property near Matheson, Ont.
The property has a gold deposit with 1.4 million tons of mineral reserves at a grade of 0.29 oz. gold per ton, which did not meet Hemlo’s corporate criteria for project size. The company announced its intention to sell its 60% stake in the gold project earlier this year and is now free to negotiate with other parties or continue working on the project.
Glimmer has dealt an option on a project in the southeast Yukon, under which two private companies — Minfocus International and Gamah International — can earn a 75% working interest by spending $450,000 over three years.
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