Lake Shore Gold has expanded its scope of exploration work at its gold properties in Timmins, which will add another $13 million to its 2015 exploration budget.
The company is expanding the exploration program at its 144 Gap Zone, launching a new program to explore the 144 Trend to the southwest toward the 144 North and 144 South areas, and adding a new underground exploration program at the Bell Creek Complex, which will cost $6 million.
In a news release, Tony Makuch, president and CEO of Lake Shore Gold, said the company has focused the last few years on the priorities of stabilizing operations, achieving performance targets, generating cash, reducing debt, and building overall financial strength, and is now in a position to focus on growth.
“We have already been successful in establishing a substantial zone of gold mineralization at the 144 Gap, and in significantly increasing reserves at Bell Creek,” Makuch said. “The work we are adding at both locations is designed to build on the momentum we have established and to move us forward rapidly in realizing the full potential of our assets.
At 144, the company will spend $7 million to conduct 60,000 metres of new drilling and geophysics exploration, while at Bell Creek, the company is adding 32,500 metres of underground drilling and 800 metres of development for an underground drill platform, which will add $6 million to the budget.
