Patricia works Island Gold

Patricia Mining (PAT-V) will de-water the Lochalsh ramp at its Island Gold project, 70 km southeast of Hemlo, Ont., in anticipation of underground development.

Plans call for contractors to complete 350 metres of drifting on two levels from the ramp, then sink 7,500 metres worth of underground diamond drilling aimed at defining a minable resource. Results from nine surface holes drilled in the North Shear zone and the Island-Lochalsh zone are pending.

Island Gold has an inferred resource of 2 million tonnes grading 8.3 grams gold per tonne (544,000 contained ounces) at a cutoff grade of 5 grams gold. This is part of a larger inferred resource of 20.6 million tonnes grading 2.35 grams gold, or 1.6 million contained ounces, at a 0.75-gram cutoff.

Patricia also intends to revive the 650-tonne-per-day Island Gold mill.

Richmont Mines (RIC-T) can earn a 55% interest in the project by putting it into production or spending $10 million on exploration and development. The company has agreed to provide up to $10 million in additional financing, if required.

Patricia is looking for a new president and CEO to replace Richard Sutcliffe, who will stay on as chairman.

Patricia has $3.2 million in cash and just shy of 21.5 million shares outstanding.