Tashota-Nipigon options properties from McAdam

Tashota-Nipigon Mines says it has acquired the right to earn a 25% interest in two advanced gold projects in Quebec and British Columbia.

One of the properties is the former McWatters gold mine near Rouyn, Que., located on the Cadillac break, the main gold-bearing structure in the area, and produced over 100,000 oz of gold in previous operations.

Remaining reserves have been estimated at 431,000 tons grading 0.193 oz gold per ton. Tashota President John McAdam says the exploration potential of the property is excellent with many veins still to be tested.

The British Columbia property includes the former Spud Valley mine at Zeballos on Vancouver Island. This mine produced 54,000 oz of gold in the late 1930s and currently has reserves estimated at 429,000 tons grading 0.25 oz gold per ton.

Much of the tonnage is accessible from the existing adits. Recent drilling has indicated several additional veins carrying high grade gold values.

Both of the projects are managed by McAdam Resources which has a 50% interest in them. Funding for Tashota’s 25% share of the exploration programs is being provided under terms of a $400,000 flow-through share agreeement with Muscocho Explorations.