The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Callinex Mines has completed the required work commitment to acquire all of a long-defunct gold mine near Cranberry Portage. The Vancouver-based junior miner says it now intends to further pursue the development of the Gossan Hill Property, which includes the former Gurney mine, about 20 km northeast of the town. Pursuant to an agreement with the property's vendor, and subject to regulatory approval, Callinex will issue 430,000 of its shares, deliver 70,000 shares of Callinan Royalties Corp. (currently held by Callinex for purposes of completing property transactions) and pay $100,000 to the vendor. Once these shares are issued and delivered, and the payment has been made, Callinex will hold a 100 per cent interest in the Gossan Hill property; subject to a two per cent net smelter royalty, half of which can be purchased from the vendor by Callinan Royalties Corp. Callinex says the latest drilling at the property, completed this past March, successfully expanded the known mineralization both along strike and at depth. The drilling produced core drilling results at what Callinex called 'very good grades over widths amenable to current mining methods.' Those included a 4.7-metre interval grading 12.99 grams of gold per tonne, beginning at a depth of 104 metres, the company says. Records indicate the Gurney mine produced 28,045 ounces of gold between 1937 and 1939, when it closed never to reopen. According to the provincial government, the property was first staked as the Dominion claims in 1919. Wylie-Dominion Gold Mines Ltd. was incorporated in 1933 to develop those claims. The property would change hands several times over the decades. Exploration work was carried out in the 1980s and 1990, but mining has not occurred in more than seven decades. Neither the TSX Venture Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of information supplied by Callinex.
