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1911 Gold (TSXV: AUMB) is acquiring 100% of two additional exploration properties 20 km east of Bissett, Manitoba, site of its True North gold mine and mill.
The Palomar Lake property is adjacent to the True North complex and consists of three properties that will be consolidated for the first time. The company will pay C$90,000 to the consortium of three local prospectors and issue 180,000 common shares to them.
The Pleiades property belonged to Pleiades Mineral Exploration and abuts 1911 Gold’s Moore Lake (Angelina) property. 1911 Gold will issue 15,000 common shares and make a cash payment of C$10,000 to Pleiades, which will retain a 1% net smelter return royalty. 1911 Gold may buy back half the NSR royalty at any time for C$100,000.
The True North complex includes an underground mine (currently suspended), 1,300-tonne/day mill, tailings management facility, and a reprocessing facility. The historical mine produced more than 2 million oz. of gold over a span of intermittent operation. The longest period of production was from 1932 to 1968.
Underground resources for the True North deposit include 2 million measured and indicated tonnes grading 0.22 g/t gold and 6.1 g/t silver, for 433,000 oz. of gold, and 3.6 million inferred tonnes at 0.17 g/t gold and 4.8 g/t silver, for 605,000 oz. of gold.
True North also has exploration projects near Snow Lake, Manitoba, and Timmins, Ontario.
(This article first appeared in the Canadian Mining Journal)
