The Edwards gold mine produced 30,412 oz. gold and 3,678 oz. silver in its first year of commercial production, reports 100%-owner VenCan Gold (VCG-M).
Situated near Wawa in northwestern Ontario, the mine is financed, managed and mined by River Gold Mines (RIV-T) under the terms of a March 1996 lease agreement with VenCan.
The underground producer was leased to River Gold for a non-refundable $500,000 advance royalty payment and 50% of net operating profit. Soon, River Gold is expected to deliver to VenCan a final accounting (of costs and revenue) for the initial lease period.
VenCan reports that 62,963 tonnes were milled between Aug. 28 and Dec. 3, 1997, yielding an average recovery grade of 15.02 grams per tonne. The total value of the gold and silver recovered was $13.3 million.
Underground work is gaining access to new zones at Edwards. Stope development in the Shaynee zone, which is sub-parallel to the Carbonate and Porphry zones, is now under way, and VenCan’s geologist reports that the uncut, weighted average grade of all sill-drift samples (taken along the Shaynee zone for a strike length of 126 metres) was 23.83 grams across an average width of 1.35 metres.
A crosscut is being driven to gain access to the New North and Edwards zones. Some samples from the New North II zone have assayed up to 50 grams per tonne.
At last report, Edwards contained reserves of about 393,000 tonnes grading 16.5 grams gold per tonne in several zones.
River Gold also operates the Eagle River mine in the Wawa camp.
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