A decision to focus on North American precious metal properties in areas with existing infrastructures has prompted Newhawk Gold Mines (TSE) to seek a buyer for its 60% interest in the Bruceside property, 60 km north of Stewart, B.C.
“The company just was not progressing, so we thought it better to move on,” explains Fred Hewett, vice-president of Newhawk, when asked about the decision to sell.
Work to date on Bruceside (also known as the Sulphurets) outlined a diluted minable resource of 600,000 tons grading 0.41 oz. gold and 17.3 oz. silver per ton.
A feasibility study in 1990 found that, as a 350-ton-per-day mining and milling operation, the project would be uneconomic.
Newmont plans to use proceeds from the sale to expand its exploration efforts in Canada, the U.S. and Mexico.
The remaining 40% interest in Bruceside is owned by Granduc Mining (TSE), which also retains a right of first refusal on Newhawk’s interest.
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