A down-dip extension of Barrick’s Camflo mine crosses the property boundary on to the Malartic ground at 2,100 ft. The two companies reached an agreement in 1980 whereby Barrick assumed responsibility for production in return for 40% of the profits.
In addition to the Malartic/Barrick mine, the Orion property hosts a second gold mining operation, the Orion mine, which is wholly- owned by Malartic.
Under the new agreement with Barrick, operations will cover the southern half of the Orion property below 650 ft. The Orion mine is not included in the deal.
Malartic President Marc Henderson said several targets have been defined and are included in a 2-year, $2.5 million first-phase exploration program to get under way immediately. Drilling is planned in addition to the driving of a 5,700-ft-long drift from the 1,500-ft level of the Camflo mine. Underground work will be carried out by Barrick, with Malartic conducting the surface work.
In addition to the Orion deep deposit, the drifting and drilling program will explore the large porphyry intrusive between the Barrick boundary and the Orion mine shaft, Henderson said.
The new agreement, which includes an up-front payment of $250,000 to Malartic, gives certain priorities to future processing of ore from the Malartic property in the 1,400-ton-per-day Camflo mill, Henderson said.
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