LAC to focus exploration on Stewart area

A high priority is being placed on exploration this year by LAC Minerals (TSE) as the company gears up to focus on several high priority gold projects including the Red Mountain discovery near Stewart, B.C. A major new gold discovery was reported on the Red Mountain property last year by Bond International Gold (TSE), now 65% controlled by LAC.

The entire area around Stewart in northwestern British Columbia has become the focus of a major flurry of exploration activity spurred on by impressive results coming from the Eskay Creek property of Calpine Resources (VSE) and Stikine Resources (TSE).

More more than 20 companies have exploration programs planned for this summer near Eskay Creek north of Stewart. A total of nearly $35 million could be spent exploring the area in the months ahead.

LAC says the Red Mountain and Willoughby Creek projects near Stewart are two of its “high priority” gold projects for follow-up this year.

For 1990, about $30 million worth of exploration programs are being planned by LAC worldwide. That’s nearly double the $16 million spent on exploration in 1989. The budget figure includes all exploration programs in Canada, the western U.S., Chile and Australia.

LAC says one of its main priorities during the next two years will be advanced exploration at several of its existing mining operations including El Indio, Toqui, Bullfrog, Golden Patricia, Richmond Hill, Doyon and Macassa. About $15 million will be spent on those operations with the objective of increasing reserves and optimizing longterm extraction.

The acquisition of 65% of BIG last year has greatly enhanced the potential for future exploration by the company, and a major new thrust focusing on exploration has been planned for this year.