Vedron seeks exploration funds for Timmins area properties

Having undergone a restructuring, which included acquiring the Buffalo Ankerite claims near Timmins, Ont., Vedron Gold (CDN) has resumed trading.

The company was delisted in 1990, a few years after a major creditor, Belmoral Mines, filed for bankruptcy. Vedron had borrowed more than $7 million to acquire additional claims and start underground development on its property near Timmins. Two years later, Vedron was delisted for failure to file financial statements.

The 58-claim Vedron property is adjacent to, and west of, the Aunor property, as well as being adjacent to, and east of, Placer Dome’s (TSE) Paymaster mine. Placer recently rehabilitated the No. 6 shaft, which lies 300 yards from Vedron’s boundary.

Between 1926 and 1952, the Vedron property yielded more than 950,000 oz. from the Buffalo Ankerite zone. The property also hosts two shafts, one to a depth of 4,000 ft. below surface and the other to 1,250 ft. below surface. The property has undergone little exploration below 3,250 ft.

Four targets at Vedron remain to be tested.

The Fuller zone has a proven and probable reserve of 420,000 tons averaging 0.16 oz. per ton to a depth of 650 ft. below surface. Moreover, independent consultants suggest the zone might contain double those reserves. Other targets include the Fuller zone below the 650-ft. level and down-rake from the Paymaster; the area between the Buffalo Ankerite No. 5 shaft and the Fuller zone; and the area below 3,000 ft., on-strike with the Aunor deposit. The company is raising funds to explore for and develop the near-surface reserves of the Fuller zone.