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Wasamac Data

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Nearby Location News

  • Globex Acquires Francoeur and Arntfield Gold Mine Properties 2016-03-03

    ROUYN-NORANDA, QUEBEC--(Marketwired - March 3, 2016) -

  • Globex Acquires Francoeur and Arntfield Gold Mine Properties 2016-03-03

    ROUYN-NORANDA, QUEBEC--(Marketwired - March 3, 2016) -

  • Thundermin Resources Inc. Provides Update on Pelletier Lake Gold Property, Rouyn-Noranda, Quebec 2015-09-17

    TORONTO, ONTARIO--(Marketwired - Sept. 17, 2015) - Thundermin Resources Inc. ("Thundermin") (TSX VENTURE:THR) announces that the agreement with QMX Gold Corporation ("QMX") with respect to the Pelletier Lake Gold Property located near Rouyn-Noranda, Quebec ("Pelletier Lake") has been terminated and Thundermin's 100% ownership of Pelletier Lake has been re-instated.

    On September 1, 2005, Thundermin granted QMX an option to acquire a 100% interest in Pelletier Lake subject to, among other things, Thundermin's right to receive a 2.5% NSR once the property was put into commercial production (the "QMX Option"). The QMX Option was the subject of an arbitration process which in May 2014 determined that QMX's right to earn a 100% interest in Pelletier Lake was subject to QMX achieving commercial production at Pelletier Lake by February 28, 2018 and making certain annual advanced royalty payments to Thundermin by August 31st in each year until commercial production was achieved. QMX did not comply with the terms and conditions established by the arbitrator and as such on August 31, 2015 all of QMX's rights with respect to Pelletier Lake were terminated.

Wasamac Information

  • General 2015-05-10
    Gold mineralization on the Wasamac property was originally discovered in 1936 by Mine d'Or Champlain through surface trenching work. A considerable amount of exploration and development work has been carried out on the property since this time, and resulted in the discovery of several ore bodies. Intermittent production from the Wasamac Mine between 1965 and 1971 totaled 1,892,448 metric tons grading 4.16 g/t Au, for a total of 252,923 recovered ounces of gold, mostly from the Main Zone. On May 7, 1986, Ressources Minières Rouyn (now Richmont Mines Inc.) signed an option agreement with Lac Minerals, the property owners at the time. This agreement entitled Richmont to earn a 50% interest in the property by incurring exploration expenses of CAN $5.0 million. In 1992, Richmont acquired 100% ownership of the Wasamac property, at which time the Company began dewatering the pre-existing underground operations and completed additional surface drilling. Unfavourable economic conditions at the time, however, led to the project being shelved in 1994. Over the 2002 - 2004 period, 13,754 metres of surface drilling on this property intersected mineralization in the #2 East Zone, which lies within the Wasa Shear Zone. This drilling resulted in estimated Inferred Resources of 1,282,000 tonnes, grading 6.92 g/t Au, for 285,200 ounces of gold.

Related News

  • Richmont studies further growth at Island 2016-09-15
    TSX and NYSE-listed gold miner looks for growth at depth
  • Globex Acquires Francoeur and Arntfield Gold Mine Properties 2016-03-03

    ROUYN-NORANDA, QUEBEC--(Marketwired - March 3, 2016) -

  • Richmont Annual Production Exceeds Guidance: Island Gold Delivers Record Production Significantly Above Revised Guidance 2016-01-12

    TORONTO, ONTARIO--(Marketwired - Jan. 12, 2016) - Richmont Mines Inc. (TSX:RIC)(NYSE MKT:RIC) ("Richmont" or the "Corporation"), delivered another solid quarter of operational results that contributed to fourth quarter production of 22,380 gold ounces and annual production of 98,031 ounces, which exceeds the increased annual production guidance of between 87,000 and 95,000 ounces that was announced on August 6. (All amounts are in Canadian dollars unless otherwise indicated.)

  • Richmont Mines Provides Exploration Update for Island Gold 2015-12-21

    Potential to Extend Mine Life Laterally Above the 860 Metre Level;

    Deep Drilling Program Intersects 25.6 g/t Au Over 4.7 Metres in the High Grade Structure at Depth

  • Richmont Mines Announces Results of a Preliminary Economic Assessment for a Portion of the Deeper Resources of the Island Gold Mine 2015-10-28

    Highlighting Potential for Increased Production and Lower All-in Sustaining Costs

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