Malartic-Sud starts hauling ore at Croinor (July 07, 2004)

South-Malartic Exploration (MSU-V) will start production from the Croinor gold property, 70 km east of Val d’Or, Que., this month, following a custom-milling agreement with Richmont Mines (RIC-T).

South-Malartic plans to ship 65,000 tonnes of ore from Croinor to Richmont’s Camflo mill near Val d’Or for processing between July and December. Pit models used in feasibility work predict a grade of 5.47 grams gold per tonne.

The company also engaged a mining contractor, Norascon, of Amos, Que., to perform all the mining and truck the ore to Camflo. Another contractor, Ross-Finlay, has been engaged to drive a decline from the base of the Croinor pit.

Croinor has a measured and indicated resource of 2.5 million tonnes at a grade of 3.46 grams gold per tonne.

In late May South-Malartic consolidated ownership in Croinor in a deal to buy out 30%-partner Huntington Exploration (HEI-V), which is turning itself into a pure oil-and-gas company. The deal brought all of Huntington’s mineral properties into South-Malartic in exchange for 1.5 million shares of South-Malartic and 1.5 million warrants, exercisable at 60 for two years from closing.

That deal requires approval from Huntington shareholders, and is scheduled to close near August 1. The South-Malartic shares are to be issued in 100,000-share blocks in each of the first six months following closing, with 50,000-share blocks released monthly until all have been issued.

South-Malartic gets the Croinor land package, Huntington’s Tex-Sol property near Val d’Or, where Cambior (CBJ-T) is to spend $350,000 over three years. Also in the deal are properties in Ontario, Quebec, Nova Scotia, and the Northwest Territories; the most advanced is an exploration-stage base metal property in the Sturgeon Lake region of northwestern Ontario, where Inmet Mining (IMN-T) holds a 67% interest.


Be the first to comment on "Malartic-Sud starts hauling ore at Croinor (July 07, 2004)"

Leave a comment

Your email address will not be published.


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.