Partners sink $5.4m underground at McCreedy West

FNX Mining (FNX-T) and Dynatec (DY-T) have begun a $5.4-million underground exploration program at the McCreedy West property in Sudbury, Ont.

The partners plan to spend $3.5 reconditioning McCreedy West’s ramp and the level 950 drift. Another $1.3 million will go toward new underground raises and drifts and to reconditioning about 640 metres of the level 1600 haulage drift, which connects McCreedy West with the adjoining Levack property.

The work is aimed at providing access to allow underground drilling on the 700 and 950 Vein Complexes and the Upper Main, East Main, Inter Main and PM Zones.

Ramp reconditioning is currently at the 1250 level and is expected to wrap up by yearend. Work on the 950 and 1600 level drifts is slated for completion by the end of February.

The partners currently have two drills running underground at McCreedy, and will add more as reconditioning advances. Initial plans call for about 6,000 metres of drilling on the Upper Main Zone and 700 and 950 Vein Complexes. The price tag is $600,000.

So far, four holes have been completed on the 700 Vein Complex, six holes on the 950 Vein Complex and 11 holes on the Upper Main Zone. Drilling will wrap up by the end of February. Assay results are pending.

Beginning in the new year, a more extensive drilling campaign will target the East Main, Inter Main and PM Zones. That drilling will continue throughout the year.

The Sudbury Basin joint venture, held 75% by Fort Knox and 25% by Dynatec, is in the midst of a $14-million exploration campaign on the past-producing McCreedy West, Levack, Victoria, Kirkwood and Norman properties. FNX picked up the projects from Inco earlier this year. Dynatec agreed to acquire a quarter-interest by covering half the initial $14 million in spending. The company is also responsible for $4 million in additional expenditures.