Operators of the Goldpost Hislop East gold property in the Timmins- Matheson area of northern Ontario say they intend to bring the project into production. Project partners are Goldpost Resources (TSE) and St Andrew Goldfields (TSE). More than $7 million has been spent during the past several years on surface and underground exploration.
Dewatering of the Hislop East workings and a feasibility study will begin shortly. A 10,000-ton bulk sample will then be shipped to the St Andrew mill at that company’s mine in Stock Twp. The St Andrew mine, just east of Timmins, was placed into production during the latter part of 1989.
St Andrew will act as production operator; Goldpost will conduct future exploration.
Reserves immediately available are estimated to total 258,015 tons averaging 0.18 oz. gold per ton, which the companies say are sufficient for about 2 1/2 years of operation.
A study by Goldpost’s consultant, using a 0.1 oz. cutoff and a 15% dilution factor, estimated (as of the end of 1988) a preliminary reserve of 835,544 tons grading 0.17 oz. to the 450-ft. level.
Exploration targets include at depth in the shaft area and in the West and South areas.
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