Junior Golden Rule Resources (TSE) will provide additional financing to Waddy Lake Resources (TSE) so it can explore and develop its Komis gold deposit in Saskatchewan.
Golden Rule will advance up to $4 million of the project’s $5.6-million capital cost. The money will be used for several purposes: exploration and development; rehabilitating the Jolu mill; mining and processing a 10,000-ton bulk sample; and completing pre-production work which will allow mining to proceed at 400 tons per day.
The deposit, near La Ronge, is accessible by a decline and crosscuts. The decline has advanced to 185 metres and 48 metres of drifting have been completed along the first crosscut.
The bulk sample should be completed by the beginning of March and a feasibility study is expected by the third quarter.
Golden Rule owns about 56% of Waddy’s outstanding shares. The financing agreement has yet to be approved by regulators.
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