Cusac aims to revive Table Mountain

A proposed $3-million financing sets the stage for Cusac Mining (CQC-T) to place its wholly owned Table Mountain gold mine into production later this year. The former producer is near Cassiar in north-central British Columbia.

The fully permitted mine project includes a 300-ton-per-day, gravity-flotation mill and related infrastructure. About 250,000 oz. gold were produced from intermittent operations in the 1980s and 1990s.

Operations ceased in 1997, owing to low gold prices.

Cusac arranged the $3-million financing with Canaccord Capital, which plans to raise the funds through a brokered private placement of convertible debentures. The company plans to use most of the proceeds of the financing for underground development of a previously outlined high-grade resource.

At last report, Table Mountain contained a minable resource of about 24,000 contained ounces gold, outlined in the East Bain vein. This vein is about 1.2 metres wide with an average grade of 1 oz. gold per ton.

Table Mountain has an overall geological resource potential in the range of 300,000-500,000 oz. gold.