I’ve heard rumors that there is some drilling going on at the New Pascalis Mines property up near Val d’Or, Que. I’d understood that that property was just about out of the picture as far as any further development is concerned. Can you throw some light? A. R. G., Montreal, Que.
We can. The fact is that Cambior Inc. is back on the New Pascalis Mines’ property, and expects to shortly finish a drill program of about 20,000 ft on the No 1 showing. Cambior took over the New Pascalis project from Soquem last summer.
As you probably know, the New Pascalis ground was just a few years ago considered a pretty hot gold prospect, after a discovery hole hit an intersection of some 268 ft of 0.2 oz gold. A lot of work was done subsequently, but an initial reserve of around 800,000 tonnes at a grade of 0.158 oz gold, was finally reduced down to a modest 348,000 tonnes at 0.198 oz.
It was never totally abandoned though, as evidenced by Cambior’s current work on the ground. Cambior (as did Soquem) holds a 60% interest, and New Pascalis 40%. New Pascalis President J. C. Cowan tells us, however, that New Pascalis will not be contributing to the present drill program, and that consequently his company’s interest will be diluted down to about 37%.
Cambior’s aim now with its near-finished drill program, says Jean Boissonnault, vice-president exploration, is to see if the New Pascalis project is feasible with a larger tonnage, and lower grade, and using what he describes as very cheap mining methods.
It will be a while though, before the company has had time to analyze results from the current program, and come up with possible new reserve figures.
New Pascalis, which is listed on the Montreal Exchange, is currently trading in the $2.40 per share range.
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