Blue Note Mining Inc BNT:CA in joint venture with First Gold Exploration Inc EFG:CA announced assays from the Croinor Gold Project, Quebec. Highlights include 9.98 g/t gold over 8.2 metres (including 11.81 g/t over 6.4 metres and 32.1 g/t over 1 metre), 12.65 g/t over 1 metre and 10.5 g/t over 6.7 metres (including 19.94 g/t over 2.4 metres). As of July 19 Blue Note signed a binding agreement whereby it will acquire 100% ownership of the mining lease contingent on satisfying the cash aspect of the deal. First Gold will retain the right to keep a 13.7% equity ownership in the capitalization of Blue Note by participating in future private placement or any business combination thereof.
Blue Note President/COO John Martin told ResourceClips.com, “We’ve just recently completed a pre-feasibility study on the mine and we’re working at raising the financing to get it operating. The plan is to run the mine at 500 tonnes a day, and process the ore at a milling facility in the area with excess capacity.
“The question that comes up generally is: with five years of operation what’s the potential for the future? There’s good potential both in the known resource and at depth—it’s really unexplored at depth. And there are also gaps in the current resource block. This step-out drilling that we’ve just announced will add both tonnage and grade to the resource.”
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Blue Note Mining Inc
or First Gold Exploration Inc,
by Ted Niles