Toronto-based Ronrico Explorations (VSE) has announced another funding agreement to finance exploration on the Simkar gold property east of Val d’Or, Que.
The funding agreement was made with the Mintax Mineral Limited Partnership and will provide a minimum of $400,000 and a maximum of $1 million at a price of 54 per share. Ronrico’s vice- president, Paul Brent, says the funds will be used for more exploration on its Simkar gold bet.
The Simkar project, covering 557 acres, is located nine miles southeast of Val d’Or, Que. To date, Ronrico has spent $7 million to earn a 50% interest in the property from COATS-listed Louvicourt Gold Mines.
The former Louvicourt gold mine began production in 1947. Development on the property included a 975-ft 4-compartment shaft, a 600-ton mill, and drifts on four levels. Some 252,000 tons of ore were processed before the mine closed in 1949 due to dilution problems.
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