Big plans ahead for TMAC Resources
Major work set for Doris North Project
Karen K. Ho
Northern News Services
Monday, March 23, 2015
KITIKMEOT
TMAC Resources Inc. has a lot in store for its Doris North Project.
Existing infrastructure, like this Doris North power station, give TMAC's Hope Bay/Doris North gold project an advantage in today's challenging investment market. - photo courtesy TMAC Resources |
The company recently filed a project update with the Nunavut Impact Review Board detailing its upcoming plans to resume surface exploration drilling activities at Hope Bay, located in the Kitikmeot region of Nunavut.
Company president Catherine Farrow said this spring TMAC Resources will do a little bit of test-scoping underground, work on enlarging the vent raise to its full diameter and bringing in some of the project's mining equipment.
The company plans on removing the waste rock from the development of the mine and storing on the surface. While no ore is expected to be encountered during the process, if any is found it will be stored with the existing bulk sample on the surface. Construction of foundation components for the mill will also take place this year.
However, Farrow was quick to emphasize everything was still pending financing, be it through public or private methods.
"We're making that decision in the coming weeks," she said. "None of this happens if we don't finance the project this spring."
In late December, the company raised a financing round of $3.1 million through flow-through shares for exploration drilling purposes. Since the crews arrived at the site for work on March 17, "I imagine that those drills have been mobilized and are actually collaring their first holes," Farrow said.
Farrow added that underground operations could start "full on" following the removal of gate material in front of the portal opening, completed construction of all the ventilation items including heating and the compressed air, as well as repowering the four Genset diesel generators that Newmont Mining had previously constructed and installed.
"The hope is we bring in our equipment this summer on sealift for underground, we actually start to continue with the development underground and just sort of continue where Newmont left off," she said.
Final employment numbers will be recorded as part of a pre-feasibility study, a document that Farrow said will be released in the next few weeks.
However, even if the company doesn't get the necessary financing, TMAC Resources will still be shipping a building to the mine site that's currently being fabricated and constructed with Innovative Steel.
Farrow pointed out the mining industry's "serious capital crunch" and it has been very hard times for a lot people. However, she said the company had "bucked the trend" with its financing so far for the Hope Bay project and was still very excited about going forward. "We're a little unusual in having raised $157 million in the last two years when other companies have been floundering," she said.
