Goldcorp, MetalCORP ink partnership.Two companies are coming together in the northwest to develop gold rich property in the Red Lake gold district. Early in September, Goldcorp Inc. and junior mining company MetalCORP Limited announced they were entering into a deal in which Goldcorp will be receiving 50 per cent interest in MetalCORP's Black Bear property in northwestern Ontario Northwestern Ontario is the region within the Canadian province of Ontario which lies north and west of Lake Superior, and west of Hudson Bay and James Bay. It includes most of subarctic Ontario. , approximately 130 kilometres north of Kenora. Goldcorp will be spending $1.8 million on exploration and making cash payments to MetalCORP totaling $120,000 over four years. MetalCORP will be the operator of the property for the first two years or upon expenditures of $750,000. Goldcorp will also be able to earn a further 20 per cent interest by spending an additional $1.8 million over three years for total exploration expenditures of $3.6 million. On completion of Goldcorp's option, a joint venture will be formed between the two companies on a 50-50 or 70-30 basis. "We have the project and they want to come in on the project," says Aubrey Eveleigh, vice-president of exploration for MetalCORP. "We're well located in the area and they feel there is some potential for the property to find gold and they want to be a part of it. "From our standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the , it gives us a lot of notoriety NOTORIETY, evidence. That which is generally known. 2. This notoriety is of fact or of law. In general, the notoriety of a fact is not sufficient to found a judgment or to rely on its truth; 1 Ohio Rep. and credibility to get a company like Goldcorp involved," he says. "It takes a lot of money and effort to find a deposit. It's a bit of process...we would otherwise raise the money by going to the market to raise the funding, but in this case, we instantly get the financing because Goldcorp is funding it for us. We offer a percentage so Goldcorp can earn in. "It's a good situation for us," he says. "We had other offers on the property, but we chose Goldcorp for obvious reasons." The Black Bear property consists of 108 claim units over 4,320 acres covering the northeast extension of the East Bay Deformation deformation /de·for·ma·tion/ (de?for-ma´shun) 1. in dysmorphology, a type of structural defect characterized by the abnormal form or position of a body part, caused by a nondisruptive mechanical force. 2. Zone (EBDZ) in the Red Lake camp. Historically, this region has produced 20 million ounces of gold at an average grade of .4 ounces per ton. "It's a bit of a hot area," says Eveleigh. "It's an area that has been receiving a lot of attention. There's been a lack of exploration in that particular area and work in that area recently has turned up some gold discoveries." [ILLUSTRATION OMITTED] He says Red Lake has a "good history of production" with a high grade of production compared to most gold camps in Canada. "We have two of Canada's premiere gold producers in the area: Goldcorp's Red Lake mine and Placer Dome's Campbell mine," says Eveleigh. MetalCORP reports the EBDZ extends for several kilometres along a favourable structural zone and consists primarily of ultramafic rocks Ultramafic (or ultrabasic) rocks are igneous and meta-igneous rocks with very low silica content (less than 45%), generally >18% MgO, high FeO, low potassium, and are composed of usually greater than 90% mafic minerals (dark colored, high magnesium and iron content). , similar to those that host the producing Campbell and Red Lake mines. All major deposits and developed prospects in the Red Lake gold camp are located within these zones of broad deformation and alteration. The EBDZ includes highly deformed de·formed adj. Distorted in form. and altered ultramafic rocks and hosts the past producing Cochenour mine. MetalCORP is also continuing exploration on its 100 per cent-owned properties in the Pickle pickle, general term for fruits or vegetables preserved in vinegar or brine, usually with spices or sugar or both. Vegetables commonly pickled include the beet, cabbage, cauliflower, cucumber, olive, onion, pepper, and tomato. Lake area, nearly 300 kilometres north/northwest of Thunder Bay Thunder Bay, city (1991 pop. 113,946), SW Ont., Canada, on Thunder Bay inlet of Lake Superior. The city was created in 1970 by the amalgamation of the twin cities of Fort William and Port Arthur and two adjoining townships. . The company also has another gold project in the Mishibishu belt 40 kilometres west of Wawa. In a Sept. 25 report from MetalCORP, recent trenching to expose bedrock hosting the Pickle Lake-area Metcalf vein was done to confirm historical explorations in the 1940s and 1970s. Norpick Gold Mines reported in 1947 on the Metcalf vein indicating an average width of 1.17 metre for a length of 320 metres with an average value of 12.61 g/tonne of gold. MetalCORP trenching and sampling confirmed the presence of four "narrow" gold bearing quartz veins hosted in strongly carbonatized mafic maf·ic adj. Containing or relating to a group of dark-colored minerals, composed chiefly of magnesium and iron, that occur in igneous rocks. volcanics and spatially associated with quartz feldspar feldspar (fĕl`spär, fĕld`–) or felspar (fĕl`spär), an abundant group of rock-forming minerals which constitute 60% of the earth's crust. porphyries. Visible gold was commonly seen in grab samples Noun 1. grab sample - a single sample or measurement taken at a specific time or over as short a period as feasible sample - a small part of something intended as representative of the whole . Sampling yielded high-grade gold assays from grab samples up to 2,232.92 g/t in "narrow" quartz veins. A new gold zone, called the Seven Zone, containing two narrow veins was discovered approximately 200 metres north of the Metcalfe Vein. Vein 1 yielded 34.15 gpt Au in a 12 cm channel sample and Vein 2 yielded 21.56 gpt Au in a 10 cm channel sample. The veins are five metres apart. www.metalcorp.ca By ANDREW WAREING Northern Ontario Business Northern Ontario Business is a Canadian magazine, which publishes monthly in Greater Sudbury, Ontario. The magazine covers business news and issues in Northern Ontario. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion