GeoNova gains Bachelor Lake mine
Under the terms of a previously announced agreement,
The Montreal-based junior bought the operation from Corporation Ced-Or for $3.25 million, payable in shares and a net smelter royalty on future production from the mine, as well as from other sources of material that may be treated at the 500-ton-per-day mill. The royalty has a maximum value of $1.75 million.
The mine contains underground resources estimated at 523,075 tons averaging 0.23 oz. gold per ton. GeoNova already owns 100% of the Discovery project, situated 124 km away, where resources exceed 2 million tons of 0.2 oz. gold per ton. In order to focus on the Bachelor Lake and Discovery projects, GeoNova has decided not to acquire the Hebecourt and Magussi properties, also in Quebec, which are held by SKG Interactive (formerly Sikaman Resources).
Asquith outlines more gold
Along with London-based partner Axmin,
The anomalies at the Ao prospect are about 15 km away from gold mineralization previously outlined at the Main zone and French Camp prospects in the Passendro area. The new anomalies are underlain by an Archean sequence of folded and sheared banded iron formation, acid volcanics, and volcaniclastics intruded by granites. The largest anomaly is in an area of black-quartz tourmaline vein fragments adjacent to a large granitic intrusion in the southern part of the Ao sampling grid. The joint-venture partners intend to select targets that are best-suited for followup work, including a reconnaissance drilling program later this year.
SouthernEra closes $9.6m financing
Having closed a $9.6-million financing,
Construction of the mine and related plant is on budget and on schedule for early production this summer. The project is owned by Messina, a South African company 70.4%-held by SouthernEra. Measured and indicated resources are pegged at 26.4 million tonnes averaging 6.3 grams platinum group metals per tonne, plus gold.
HudBay cancels exploration programs
Hudson Bay Exploration & Development (HBED) has cancelled the remainder of this year’s exploration program in northern Manitoba and Saskatchewan. No work programs are planned for 2002.
HBED is the exploration arm of Hudson Bay Mining & Smelting (HBMS), which, in turn, is a unit of London-based
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