A deal valued at $1.9 million will enable Kinross Gold (K-T) and its affiliate, Pentland Firth Ventures (PFO-T), to take over several gold properties in Ontario and Quebec from Falconbridge (FL-T).
The properties (which were not transferred in Kinross’s 1993 takeover of the assets of Falconbridge Gold) include ground on the eastern boundary of Kinross’s Hoyle Pond mine east of Timmins, and a substantial land position in Quebec.
The deal will also see Kinross sell 16 other gold properties in Ontario to Pentland Firth for $400,000.
The property east of Hoyle Pond is a vital acquisition for Kinross, since several mineralized zones are known to plunge eastward and may possibly cross the property line at depth. The Quebec land package will be managed from Kinross’s new field office in Val d’Or, Que., but Kinross also suggests options on some of the properties may be dealt to other companies.
Work will begin shortly on three of Pentland’s Ontario properties. At the newly acquired Hammond Reef property near Atikokan, Ont., trenching and surface work are about to get under way.
In Ogden Twp., just northeast of Band-Ore Resources’ (BNDR-C) Thorne discovery, line-cutting was scheduled for the first week in September. East of Matheson, Pentland will drill a series of induced-polarization anomalies on its property in Garrison Twp., where it holds a 60% interest. The remainder is held by QSR (QSR-T).
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