Ardeen was northern Ontario’s first gold mine; it produced 30,000 oz. gold and 175,000 oz. silver in the early 1930s.
Under a deal struck this summer, Goldcorp can earn a half-interest in Ardeen by spending $3 million before 2008, and can increase this to 60% by spending a further $1.5 million before 2009.
In recent years, Pele has completed more than 12,000 metres of diamond drilling on the property and outlined high-grade gold in zones near the mine’s existing shaft, which was sunk to the 366-metre level.
Goldcorp plans to complete a $400,000 exploration campaign at Ardeen before the end of 2004. Work will include new drilling and the re-sampling of drill core stored at the provincaial government’s core library, west of Thunder Bay.
Recent grab and channel sampling by Goldcorp at Ardeen has returned up to 34 grams gold and 100 grams silver per tonne.
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