Armistice Resources Corp. announced it will commence a $2.5-million drill program on the McGarry and Kerr-Addison properties, states a March 2 news release.
Initially, the new drill program will be for 60,000 feet.
The junior miner will be moving into pre-production mode by the latter half of March at the McGarry Mine gold project's underground operations. It has a targeted production goal by the fourth quarter of this year.
The Kerr mine was once Canada's largest gold producer, yielding 11 million ounces from 1938 to 1996, said company president and CEO Todd Morgan. He pointed out that only a small percentage of the Kerr-Addison property has ever been explored through a drilling program.
“Our initial review has identified a number of gold zones that we believe have the potential to be mined economically. We will be looking to our new drilling program to confirm this view,” he said in the release.
On February 22, 2011, the company announced that it closed a $3-million bridge loan and executed a term sheet for a $15-million Senior Secured Gold Stream Debt Facility with Waterton Global Value, L.P. (Waterton).
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