Drilling will get under way at the Grandroy mine project near Chibougamau, Que., this month, says property-owner Inlet Resources (VSE). Inlet will be testing the depth potential of the copper-gold deposit, where a previous underground hole returned 10.4 ft. grading 0.38 oz. gold per ton and 4.85% copper at a vertical depth of about 400 ft.
The Grandroy mine, which produced about 385,000 tons of ore grading 0.02 oz. gold and 1.24% copper from 1967-1975, is located within the 17,000-hectare Chibougamau land package recently acquired by Inlet. Exploration work, including linecutting and ground geophysical surveys, is currently under way on a number of the 60 claim groups in the package.
Inlet is optioning the Chibougamau land package from Greenstone Resources (TSE). Under the terms of the option agreement, Inlet must spend $1 million over a 3-year period in order to earn a 100% interest in the ground. Campbell Resources (TSE), the property’s former owner, is entitled to a 2.5% net smelter royalty.
Inlet has agreed to spend about $200,000 by the middle of March to explore the land package, said president George Zbitnoff. The company has sent out tenders for a 6,000-ft. drilling contract and is negotiating with four companies to establish joint ventures or options on some of the claims.
Zbitnoff, former vice-president of exploration for Granges Exploration (TSE), said he bought Inlet from the Noramco Mining (TSE) group last year.
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