U.S.REPORT Great Lakes buys out Michigan firm

Increasing its commitment to northern Michigan, Great Lakes Minerals (TSE) has acquired 100% of Keeweenaw Copper (KCC), a private company with a stake in a number of copper deposits along the Keeweenaw Peninsula of Michigan. KCC’s assets include a 50% interest in Michigan Mining and Manufacturing and a 50% interest in Michigan Copper.

As part of a mineral lease covering a large part of the Peninsula, Michigan Mining has the right to explore, develop and mine the 543-S, G-2 and St. Louis projects. Following the KCC acquisition, Great Lakes has increased its interest in these three main deposits to 75%.

By mid-April, the Toronto-based company expects to receive the results of a preliminary feasibility study on the 543-S deposit. Proven and probable reserves at the site stand at 1.62 million tons grading 4.04% copper at a 2% cutoff grade.

Since the bulk of the 543-S mineralization sits above 500 ft., Great Lakes plans to reach the 543-S ore through a decline ramp if a positive production decision is made.

Meanwhile, at the St. Louis deposit to the west, Great Lakes is drilling a low-grade bulk-tonnage reserve estimated to contain eight million tons grading 0.8% copper. Hole 4 intersected 169 ft. grading 1.07% copper and 0.1 oz. silver per ton from 14-183 ft.

Great Lakes says it has been talking with a number of companies interested in forming a joint venture for further exploration on the Keeweenaw Peninsula.