In return for an option to purchase shares of Northfield Minerals (ASE), Dynatec Mining has agreed to develop and mine above the 695-ft. level at the Cheminis site near Virginiatown, Ont.
The option, which allows Dynatec to buy 900,000 Northfield common shares at 80 cents per share, expires Dec. 31, 1993.
Using the existing shaft and surface plant, underground work will focus on completing a bulk sample started in 1990. The partners are currently dewatering the mine and reactivating the surface facilities.
Northfield expects to process the first Cheminis ore through Deak Resources’ (TSE) nearby Kerr mill within eight weeks.
Meanwhile, surface sampling around the mine site has uncovered two new gold-bearing zones, the company says.
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