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Home > News > ArcPacific Resources...

ArcPacific Resources expands Rickard Gold Mine property size in Timmins

Oct 21, 2020


ArcPacific Resources has bumped the size of its Rickard Mine holdings by 50%.  The company has entered into a purchase and sale agreement with two vendors to acquire a 100% interest in certain mining claims near Timmins. The claims are contiguous to ACP's existing Rickard Gold Project and total 509.6 Hectares. This new acquisition expands the total size of the Property by 50%.

This increased land package will help secure the Company's place as a significant player in the Timmins area which is regarded as one of the top gold mining jurisdictions in the world. Currently, a Lidar Survey is underway over the project area which is collecting detailed imagery and 3D point cloud data with a 5cm accuracy. This survey will pinpoint the exact locations of the historic workings, including mine shafts, surface workings, test pits, roads, drill sites, and historic infrastructure. This detailed survey will be incorporated into the geological model currently being developed and will allow the Company to accurately plot the underground developments and mineralized structures from historic maps and plans leading up to the planned fully permitted drilling program.

Highlights:

  • The Company holds rights to earn a 100% interest in two high grade goldprojects.
  • Historic samples at the recently acquired Rickard include 146.2 g/t gold over 1.5m.
  • It also owns a 100% interest in a high grade silver project with historic ore shipments averaging over 2,000 g/t silver.

Rickard Gold Project: 

  • It is a past producing high-grade gold mine located in the Abitibi Greenstone Belt, 70km Northeast of Timmins, Ontario and holds a land package that is now 1,523 hectares in size.
  • Option for 100% interest in the Property was purchased for $267K and 1,355,000 shares over 3 years. Includes a 3% NSR option to buy back 2% for $2M CAD.
  • Within close proximity to: Newmont's Dome Mine (produced +14.5M oz of gold), McEwen Mining, Kirkland Lake, Moneta Porcupine, Pan American and Osisko.
  • Existing exploration drilling permits in place for targeting mineralized vein systems. Close access to power, direct road access, water and a local labor force.


Tags: Northern Ontario / New Projects / Gold / All Articles