VANCOUVER — Ontario-focused Lake Shore Gold (TSX: LSG; NYSE-MKT: LSG) has been one of the better turn around stories over the past year, and the company is now looking to put its reinvigorated capital strength towards growth. Lake Shore is investing around $25 million in exploration this year, and on July 16 it shifted into merger and acquisitions mode with a $24.5 million all-share bid for explorer Temex Resources (TSXV: TME; US-OTC: TMXRF).
The acquisition would be one of convenience, since Temex holds a 60% interest in the Whitney gold project under a joint venture with Goldcorp (TSX:G; NYSE: GG), and the property sits immediately adjacent to Lake Shore’s Bell Creek mine and mill.
Whitney currently hosts roughly 3.2 million measured and indicated tonnes grading 6.85 grams gold per tog/t Au for 708,600 contained oz, and 1 million inferred tonnes of 5.34 g/t for 170,700 contained oz.
Temex also holds a 100% interest in the Juby gold project in the Shining Tree Area of Ontario. Resource estimates at Juby include 26.6 million tonnes averaging 1.28 g/t Au for 1.1 million oz in the indicated category and 96.2 million tonnes of 0.94 g/t in the inferred category.
Read the complete article at NorthernMiner.com/news/lake-shore