Teck Corp. (TSE) has announced plans to develop its Ajax copper-gold deposit near Kamloops, B.C., about six miles from its Afton mill. Theproperty is held by Afton Operating Corp. a 73%-owned subsidiary.
Capital cost for the project is estimated to be $12 million, including equipment purchases, pit preparation, modifications to the Afton mill, and the purchase of surface rights. Development work will get under way as soon as permits have been obtained.
The Ajax property is owned 70% by Afton and 30% by a joint venture between Cominco Ltd. (TSE) and Imperial Metals (TSE). The Afton mill is currently processing feed from low grade stockpiles and ore from the adjacent Comet- Davenport property.
Reserves at Ajax are estimated to be 27.2 million tons grading 0.46% copper and 0.01 oz gold. The planned milling rate for Ajax is 11,000 tons-per-day with production beginning next spring.
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