Ontario’s oldest gold camp — the Madoc area in the eastern part of the province — is still the site of exploration activity, although other minerals are being sought in addition to gold.
One of the region’s current players — the Madoc area was originally discovered in 1866 and hosted 12 gold mines during the next 75 years — is Micham Exploration (VSE), which may earn a 51% interest in the Bannockburn gold property from Mono Gold Mines (ME).
A $2.3-million underground program was started earlier this year on the property, the program to include a 1,000-ft decline ramp to a depth of 150 ft and 1,000 ft of drifting. Exploration results obtained by Mono prior to 1988 projected drill-indicated reserves of 372,154 tons averaging 0.39 oz gold to a depth of 350 ft.
Micham, which is also exploring a gold project in Switzerland, may earn an initial 50% interest in the Bannockburn property by spending $2 million on exploration work and subscribing for $500,000 worth of Mono shares at prices ranging from 72 cents -82 cents per share. The company may earn an additional 1% by preparing a feasibility study.
At the Cooper gold property, COATS-listed Gateford Resources has reported a strong drill intersection: 13 ft of 0.44 oz from a depth of 165 ft, including a 9.4-ft section assaying 0.58 oz. The core sample also displayed copper, lead and zinc mineralization. Other results include a deep hole assaying 0.29 oz across 8 ft.
A production decision is expected by the end of this year for a wollastonite project being developed by Cominco Ltd. (TSE) and Platinova Resources (TSE). Wollastonite, used industrially, is a calcium silicate with application in the ceramics and plastics industries.
Open pit reserves of about 500,000 tons grading 47% wollastonite have been indicated on one zone, with 750,000 tons of inferred ore grading 39% wollastonite identified on another zone. Exploring for muscovite mica in the Madoc area are Steep Rock Resources (TSE) and an affiliated company, Processed Minerals. The companies are examining two mica deposits. Steep Rock reports it has been testing a process which produces high quality muscovite mica at pilot-plant scale.
Other companies reported to have property interests in the area are Noranda Inc. (TSE) and Lacana Mining (TSE).
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