Encouraged by recent results at Aurizon Mines’ (TSE) Sleeping Giant gold property north of Amos, Que., Cambior (TSE) is committed to spending $3.6 million on underground exploration.
In a bid to determine the continuity of gold zones on the property and increase reserves, operator Cambior will conduct 71,000 ft. of drilling and 4,000 ft. of drifting over the next eight months.
There are currently two drills at work on the property.
Under an agreement, Cambior can maintain its 50% stake in Sleeping Giant by spending $12 million on exploration and development before July 1, 1993. It has already spent $1.25 million on a 60,000-ft. program in 48 holes that returned 47 ft. of grade 0.36 oz. gold (uncut) from 1,150-1,197 ft.
Aurizon shares traded recently at 22 cents in a 52-week range of 28 cents and five cents.
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