Post by
shear on Oct 31, 2005 1:31pm
Poste LeMoyne
This was VIA's hot property 3 years ago. It is an auriferous banded iron formation with bad metallurgy (lots of pyrrhotite). The bulk of the mineralization is contained in the Orfee zone, it is at surface and could certainly be bulk mineable. The property is less than one km from the highway. When VIA failed to find any new zones in the area despite several seasons of field exploration and three drilling campaigns they looked for a partner to defray costs. Globestar (whoever heard of them?) came into the picture but nothing much was done on the property since 2003. My sources tell me that VIA re-logged some drill core this summer. What did they find? I dont know but it appears it was interessting enough to spend a million $ on the half interest they did not own. In my opinion they simply realized that Eleonore will be a mine with a mill nearby and consequently the Orfee zone will become economically feasible. So why not pay a cool million for 50k oz's of gold. Sounds like a good decision to me.
Cheers, S.
Comment by
flayer on Oct 31, 2005 1:37pm
securing more oz's in the district is a sound business move - gotta appreciate this mgnt team.
Comment by
ybellemare on Oct 31, 2005 1:44pm
On the Exploration Calendar(www.virginia.qc.ca) , they were drilling at Poste Lemoyne in August 2005.
Comment by
etwhite on Oct 31, 2005 2:02pm
Very interesting, ybellemere.
Comment by
shear on Oct 31, 2005 4:01pm
Yep it's on the calendar but they did not drill this summer (or last winter for that matter). Call and see for yourself.
S.