Quebec gold-copper producer MSV Resources (ME) reports major increases in output during the third quarter.
Gold production from its Chibougamau projects jumped by 33% to 13,271 oz., and copper production by 30.5% to almost 3.4 million lb., during the 3-month period, compared with second-quarter results.
MSV returned the Copper Rand and Portage mines to production, and fired up the concentrator there, after acquiring the assets in February. During the third quarter, the grade of the ore averaged 0.11 oz. gold per ton and 1.3% copper. The recovery rate averaged 90.6% for gold and 98.5% for copper in September.
The company is encouraged by the first drill results from its Cedar Bay property, which is contiguous with Copper Rand’s western boundary. One hole drilled from underground at Copper Rand returned 0.24 oz. gold and 3.7% copper over 39 ft. An exploration drift is under development. Meanwhile, associated company Cache Explorations (ME) is considering which strategy is best suited for the development of the 28 properties (comprising 1,500 claims) it recently acquired from Westminer Canada in the Chibougamau-Chapais area of the province. An exploration program is planned for some of the promising properties.
Cache acquired the properties for $1 and payment of production royalties. Four of the properties are under option.
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