An agreement between Black Hawk Mining (BHK-T) and Kinross Gold (K-T) will allow for development of the former’s Vogel gold property in Hoyle Twp., 20 km east of Timmins.
Black Hawk, which has been drilling at the property since early 1995, has outlined a preliminary resource of 700,000 tonnes grading 11.3 grams gold per tonne above the 200-metre level. It is currently drill-testing at the 400- and 600-metre levels.
Kinross, operator of the nearby Hoyle Pond gold mine, has a 65% interest in a claim group adjoining the eastern boundary of Vogel; the remaining interest is held by Thunderwood Resources (THS-T). It also has an indirect interest in the Schumacher property, immediately to the west, through its partial ownership of Pentland Firth Ventures (PFO-T). Gold resources have been blocked out on both those properties.
Kinross will spend $1 million on drilling so that a development plan can be finished by the third quarter of 1997. To earn a half interest in the property, Kinross must provide the first $12 million of development funding.
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