Little or no exploration has been reported before 1988. Noranda Exploration began to actively explore the area in 1988 following a gold discovery. Stibnite was discovered in outcrops along with anomalous antimony values in soil samples by the Noranda/Noront Grubline Syndicate during a reconnaissance prospecting survey in June 1989 (antimony was assayed as an indicator mineral for gold). Surface trenching and 6 diamond core drill holes totaling 584.3 meters drilled by the Syndicate returned some high grade antimony values, but since no gold values of interest were encountered, further exploration was suspended and the property remained idled.
In 1992 an associated private company acquired a 50% interest in the property from the Syndicate for cash and work commitments. Twenty- three (23) drill holes totaling 2308 meters were drilled in late 1992 and early 1993 mainly on the Central Zone with limited success.
In 1993 Roycefield Resources Ltd. acquired 50% interest in the property and further tested the Central Zone for its antimony and gold potential with an additional nineteen (19) drill holes totaling 2369 meters. This drilling again provided limited encouragement.
In 1994 Roycefield purchased the private company and became the sole owner of the property. The soil cover of the Central Zone was removed and the exposed antimony veins were sampled and mapped. Also in 1994 and early 1995 another forty-six (46) drill holes totaling 6,462 meters were completed on the East Zone with very encouraging results in this new area of the property.
In 1995 an underground ramp was collared at the East Zone to explore and test the antimony values indicated by surface drilling. A sampling program confirming the drill findings was completed by year end. An additional twenty-two (22) drill holes totaling 4,214 meters were completed. In early 1996 twelve (12) drill holes totaling 1,457 meters were completed and one (1) drill hole was deepened.
In February of 1996, Kilborn Tecsult was retained by Roycefield Resources to prepare an independent review of the Mineral Resources and Mineable Reserves. After reviewing the mine site data, and using the classification of reserves and resources recommended by the CIM, the Kilborn report outlines Probable reserves of 898,400 metric tonnes of material grading 3.70 % Sb.
In 1997, 36 drill holes were completed and one drill hole was deepened. This drilling consisted of 8,027 meters of NQ size core. Additional deeper antimony ore was indicated to a depth of 300 meters. A decision to construct a mill was taken, equipment was searched and mill construction began. In 1997 mill equipment installation was completed and the commissioning of a 450 tpd mill was started with the processing of 23,000 tonnes of stockpiled development muck.
In 1998 the mill commissioning was done with the processing of the stockpiled development muck. Afterwards the property was put on a care and maintenance basis due to falling antimony prices and the mine workings were allowed to flood. No further mine development work has been completed since 1988. Unfortunately, the falling price of antimony forced the closure of the mine in 1998, and the project has since been put on care and maintenance. At the time of mine closure in 1998, Roycefield Resources had incurred debts in the range of 2 to $3 million.
For 3.5 years, Roycefield met its financial obligations with funds advanced by two major shareholders, who in return, took a debenture on assets of the company for security. Since the price of antimony was not recovering, and keeping the company public was costly, the arrangement between the major shareholders and Roycefield came to an end. The two major shareholders then crystallized their debenture in order to protect the assets.
In March 2002, After Roycefield Resources Ltd was declared bankcrupt the company assets were purchased by Beaverbrook Resources Limited from the Government of Newfoundland and Labrador appointed receiver at an approximate cost of $4 million.
On September 5th 2003, VVC Exploration Corporation entered into an agreement with Beaverbrook Resources Ltd. to acquire all the assets of the Beaverbrook Antimony Mine (the "Mine") in Gander Newfoundland for $17,000,000 CDN.
During 2004 VVC Exploration Corporation carried out a drilling program on the East Zone of the antimony property. A total of 73 holes were drilled totaling 12,963 meters. The program confirmed the presence of mineralized veins previously indicated by Roycefield Resources in the 1990s.
On August 4th, 2005 VVC Exploration Corporation announced an agreement reached with Beaverbrook Resources Ltd, the former owner of the antimony mine. Accordingly VVC Exploration Corporation would be relieved of its obligation to repay the remaining $16M owing Beaverbrook Resources Ltd in consideration for 3.65m VVC share and a cash advance of CAD $250,000. The new participation of VVC Exploration Corporation and Beaverbrook Resources Ltd will be 27.5% and 72.5% respectively of the shares of Beaverbrook Antimony Mine Inc (BBAM).
In November 2005 Beaverbrook Antimony Mine Inc mandated MRB &
Associates of Val d'Or, Qc to review the 2004 drilling program
and evaluate the results. The 2002 MRB & Associates Technical
report is to be updated as well as the antimony resources
taking in account the results of the 2004 program.
In December 2006 to January 2007 VVC Exploration
Corporation carried out a drilling program
2006 - 2007 VVC Exploration Corporation announced
a new start for production. |
Project History
