Development is proceeding at the the Nugget Pond gold project near Baie Verte, Nfld.
Noveder (ME) of Rouyn-Noranda, Que., which hopes to have the project ready for production in early 1995, has obtained the provincial authorization to build a 6-km access road, undertake surface work and extract a pair of 5,000-tonne bulk samples.
Probable reserves of 416,000 tonnes grading 14.3 grams gold per tonne (0.42 oz. per ton) have been outlined.
Noveder performed its own drilling program, adding to the 22,000 metres already drilled by Bitech and Equity Silver.
Construction of the portal and ramp, 1,300 metres in length and to a depth of 120 metres, will begin in October. Crosscuts, raises and exploration drifts will be bored from the ramp to allow for extraction of the bulk samples. This work will be completed by February, 1995.
A private placement has raised $1.1 million for the project and Novender plans to raise $2.2 million through a public financing.
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