Last year, Noramco Capital gave a dazzling display of coast-to-coast ** fund-raising that netted about $60 million. This year, the company will narrow the field of prospects and concentrate on specific properties with defined potential. The company plans to spend $30 million on exploration in 1988, all of which will be spent on pre-development gold properties, the company says. At its Pickle Crow property, in northwestern Ontario, a major underground program is planned to enlarge and rehabilitate the No 1 shaft to a depth of 2,500 ft. A feasibility study could be conducted before the end of the year. Current proven, probable and possible geological reserves total 7.3 million tons grading an average 0.23 oz gold per ton.
In the same general area, the Favourable Lake property is undergoing extensive underground diamond drilling and bulk-sampling. This will be used as the basis of a feasibility study. Drill-indicated and inferred reserves stand at 960,000 tons grading an average 0.26 oz gold per ton and 4.8 oz silver.
The Estrades project, in Quebec’s Casa Berardi gold belt, ranks third among Noramco’s major projects. Recently calculated mineable reserves are 1.4 million tons grading 0.15 oz gold per ton, 4.15 oz silver, 0.76% copper and 9.58% zinc. The company says the Estrades is a typical massive sulphide deposit, similar to those of the Noranda type, but with a gold content about 10 times higher than normal. The current drilling program will set the groundwork for a feasibility study.
Noramco’s field offices are in North Bay, Pickle Crow and Red Lake, Ont., and in Val d’Or, Que.
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