Metals Creek, Goldcorp deal over Dona Lake mine approved
MINING.COM Staff Writer | July 2, 2019 | 6:30 am
The Dona Lake mine is located 9 kilometres southeast of the town of
Pickle Lake (pictured). Photo by P199, Wikimedia Commons.
Metals Creek Resources (TSXV: MEK) received TSX-V approval to earn a
100% interest in Goldcorp Canada’s Dona Lake mine property,
located 9 kilometres southeast of the town of Pickle Lake,
In a media statement, Metals Creek said the project consists of
32 patented and leased mining claims totaling 430 hectares and
covers the past-producing Dona Lake mine, an underground operation
that was active from 1989 to 1994 and
produced 246,500 ounces of gold at a grade of 7.44 grams per tonne.
“The Dona Lake mine property is located in the Pickle Lake Greenstone
Belt which is host to several historic mines including
the Dona Lake mine, the Central Patricia mine and
the Pickle Crow mine,” the company said in a statement.
“Gold mineralization at Dona Lake is hosted within three prominent
banded iron formations with the middle iron formation hosting
the Dona Lake mine (Main Zone).
The Main Zone remains open at depth with limited drilling
Mining stopped at the 455 metre level with historic drill results
below the 455-metre level that selectively
include 13.62 gram per tonne gold over 13 metres,
8.74 g/t Au over 3.9 metres and
8.57 g/t Au over 2.8 metres.”
To move ahead with the acquisition,
Metals Creek has to issue to Goldcorp Canada -
the wholly-owned subsidiary of Newmont Goldcorp Corporation-
7,000,000 shares and spend $4 million in exploration over 36 months.
After vesting, Newmont Goldcorp will have a one-time option
to elect to earn back 51% of the property by
spending $4 million on exploration over the following 24 months. https://www.mining.com/metals-creek-goldcorp-deal-over-dona-lake-mine-approved/ http://www.kitconet.com/images/live/au0001wb.gif
- God Bless -