Treasury Metals (TSX: TML) and Goldeye Explorations (TSXV: GGY) are planning to combine forces in an all-share deal that would give Treasury another significant gold project in northern Ontario.
Treasury is advancing its Goliath gold project, 20 km east of Dryden in northwestern Ontario, to a feasibility study, and forecasts that if a mine is built there, it would produce at least 80,000 ounces of gold and 100,000 ounces of silver annually over a ten-year mine life.
The company’s plan at Goliath is to build an open pit mine and 2,500-t/d processing facility, with underground operations developed in the latter years and funded by cash flow from the initial open-pit operation.
Goldeye’s high grade Weebigee gold project, also in northwestern Ontario, is near Sandy Lake in the heart of the Sandy Lake greenstone belt. The 6,000-hectare property is about 200 km west of Goldcorp’s (TSX: G; NYSE: GG) Musselwhite mine and 225 km north of Red Lake, one of the world’s most prolific gold camps.
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