"THE PLACES, —
THE PLAYERS

As shown on the map
opposite, there are a lot of people
looking for largesse in the
mountains and river valleys of
this area. Some of the sites and
the companies exploring them are:

Eskay Creek — Classed as
advanced exploration, a joint
project of International Corona,
Prime Resources and Placer
Dome. Estimated to contain 1.8
million tons of ore grading an
average of 50.4 grams per ton of
gold. If it turns into a mine, it

will employ more than 200 people.
| Polaris Taku — Advanced
exploration, being worked by
Canarc Resources and Suntac
Resources, two junior companies
from Vancouver. Estimated
reserves are 1.4 million tons at
15.43 grams of gold per ton.

Tulsequah Chief —
Advanced exploration on a site
that produced gold in the 1950's,
joint venture of Cominco and
Redfern Resources. Reserves esti-
mated at 2.74 grams per ton of
ore with significant values in
copper, lead, zine and silver, Cur-
rently the subject of an effort to
control acid drainage from the old
mine workings.

Spectrum — Subject of a $1
million exploration program by
Columbia Gold Mines and Eurus
Resources during 1991. Estimated
reserves 275,000 tons grading
15.77 grams of gold per ton.

Galore Creek — Joint explo-
ration spending of $3.35 million
last year by Kennecott Canada

and Hudson Bay Mining and

Smelting; reserves pegged at 113
million tons grading .445 grams of
gold per ton, plus copper and
silver.

Rock and Roll — Eurus
Resources and Thios Resources
spent $1.5 million on exploring
this find in 1991. Reserves esti-
mated at 582,000 tons grading
2.47 grams gold per ton with zine,
lead, copper and gold.

Red Mountain — Explored
by Lac Minerals with expenditure
of $1.5 million, reserves estimated
at 840,000 tons grading 12.68
grams of gold per ton.

Sulphurets — An advanced
exploration property which joint
venture partner Newhawk Gold
Mines has declined to develop for
the time being. Placer Dome
recently became involved in the
claim area. Reserves are esti-
mated at 500,000 tons grading
14.33 grams of gold per ton. If it
becomes a mine it would probably
employ around 50 people.

Sib — American Fibre Co.
and Silver Butte Resources
carried out a $3.75 million drill-
ing and exploration program here
during 1991. No reserve estimates
available.

As can be seen from the map,
there is much more, but these are
the major programs carried out in
the area during 1991. These are
some of the players involved;

INTERNATIONAL CORONA
Corona was founded in 1988
through the efforts of Vancouver

entrepreneur Ned Goodman, who
had held an interest in a series of
predecessor companies going back
to 1984, The company held a
diversity of mineral interests,
including oil and gas, but put its
most concentrated effort into
becoming a highly positioned
producer of low cost gold.

Corona is best know in the
Northwest as one of the primary
drivers in exploring and analyzing
the 21B Zone on the Eskay Creek
property, and now owns 50 per-
cent of the claim. Early this year
the company committed $10 mil-
lion to a final feasibility study,
expected to be finished sometime
this year, that will decide once
and for alli if the famous strike
will become a producing mine.

Corona’s financial foundation,
however, lies in another well-
known area, the Hemlo gold fields
in Ontario. Overall production in
1990 was 733,000 ounces of gold,
almost two-thirds of which came
from operations in the Hemlo
camp, the Williams mine and the
David Bell mine. The company’s
other gold-producing and gold-
bearing interests include prop-
erties in Saskatchewan, southern
B.C., Nevada and Mexico. Accord-
ing to Corona’s 1990 annual
report it held at that time inter-
ests in proven and probable gold
reserves of 5.8 million ounces.

In September 1991 the com-
pany undertook a restructuring
that divested Corona of every-
thing but gold interests, transfer-
ring other assets to newly-formed

B.C, Mining Week! Terrace Review — February 28, 1992 9