Gold miner Agnico-Eagle Mines (TSE) has begun surface drilling east of the Telbel mine, along the well-established Eagle-Telbel mine trend near Joutel, Que.
The 23,000-ft. program, which will extend to depths of 3,400-5,200 ft. below surface, is aimed at re-establishing an ore reserve base to utilize the company’s existing mill. The Eagle and Telbel mines, both now closed, produced more than 1.1 million oz. gold since 1974.
The Joutel mill is scheduled to remain closed until 1996 when the nearby Vezza gold deposit is expected to enter production.
The drilling is expected to cost $930,000, half of which will be financed in accordance with the Canada-Quebec subsidiary agreement on mineral development. The federal government will provide up to $348,750 while Quebec will put up $116,250.
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