MANITOBA – Alexis Minerals of Toronto has completed the second tranche of financing to support continued exploration at its Snow Lake gold project. The former mine may be reopened if the results of a proposed feasibility study are positive.
In the meantime, the company will keep the mine workings on a care and maintenance basis, and begin refurbishing the ramp portal a the No.3 zone.
The original Snow Lake gold mine was operated by Nor-Acme Gold between 1949 and 1958. It was revived as the New Britannia mine as a joint venture of TVX Gold and High River Gold. It produced gold for 10 more years beginning in 1995. At the time of closure the property was believed to contain 2.2 million tonnes grading 5.11 g/t Au in the measured and indicated categories and 1.1 million tonnes averaging 5.01 g/t Au in the inferred category.
Alexis discovered two new high-grade zones at Snow Lake in June 2010. Notable drilling results reported at the time included 63.59 g/t Au over 1.92 metres and 11.92 g/t over 8.15 metres.
Please see www.AlexisMinerals.com.