Mishi project developments
MacMillan Gold Corp MMG
Shares issued 9,696,626 Sep 8 close $0.49
Wed 10 Sept 97 News Release
An anonymous director reports
Pursuant to the June 20 1997 agreement to purchase 100% of the Mishi gold project, Mishibishu Gold Corp has paid MacMillan $100,000 and expects the transaction to close by September 30 1997. MacMillan will be entitled to a royalty equal to 40% of the net profits generated from any of the mining leases and mining claims subject to this agreement. The Mishi gold property is in the Mishibishu Lake area of northern Ontario, straddling the Mishibishu deformation zone. This zone is a predominant regional structure with several gold deposits and exceptional exploration potential. Previous exploration has outlined several areas of gold mineralization including the Main zone area where a geological resources of 1,424,300 tonnes grading
4.26 g/t gold has been defined. Within this is an open pittable reserve of 772,000 tonnes grading 3.3 g/t gold.
In June, Mishibishu commissioned Spiteri Geological and Mining Consultants to prepare a scoping study on the open pittable reserve, which has now been completed. The objective of the study was to establish order of magnitude costs relating to the economic development of the open pittable reserves.
The study shows that this reserve is economic even at current gold prices.
In addition, Mishibishu has begun a substantial exploration program consisting of geological mapping, soil sampling and trenching that will be followed by a diamond drilling program next year.
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