Idaho property attracts new player

A new partner is at hand for the Almaden property in western Idaho.

K.-based Compass Capital can earn a 60% interest from Ican Minerals (TSE) by funding a final feasibility study, to be completed by Feb. 1, 1997.

Feasibility work by Amax Gold in 1993 estimated the geologic resource on the Main zone at 39.9 million tons grading 0.022 oz. gold per ton. The company estimated that 325,000 oz. gold could be produced at a profit, based on a gold price of US$400 per oz. The deposit did not, however, meet the major’s requirement for the minimum number of recoverable ounces, and was dropped as a result.

The porphyry deposit comprises an area measuring 4,000 by 2,500 ft., and the stripping ratio is projected at 1-to-1.

Last year, Ican outlined three new zones, and it now estimates the potential resource at 90 million tons of a similar grade to a depth of 500 ft.

In addition to feasibility work, Compass plans to test the potential for deeper, higher-grade mineralization.

Compass can acquire the remaining 40% interest either by issuing Ican a proportionate amount of common stock or by amalgamating with Ican.