Overview
| Status | Inactive / Suspended |
| Mine Type | Underground |
| Commodities |
- Gold
- Copper
- Silver
- Gold Equivalent
|
| Mining Method |
|
| Processing |
- Gravity separation
- Flotation
|
Commercial production at the MAX operation commenced in 2008 at a nominal rate of 500 tpd. The mine production was suspended in September 2010 due to an underground pillar collapse, and was put into ‘care and maintenance’ in late 2011 due to continued low molybdenum prices.
Access to the MAX mine is closed. Rail, air pipe and cable may be recovered from the mine for use at the Willa Mine but Discovery Ventures will require a permit to re-open the mine to do this. No mining of mineral from the MAX mine will be undertaken during the life of the Willa Mine. |
| Latest News | Taranis Resources Inc. Signs Letter of Intent to Acquire FortyTwo Metals Inc. April 11, 2020 |
Source:
| Company | Interest | Ownership |
|
Cameo Industries Corp.
|
100 %
|
Indirect
|
|
Fortytwo Metals Inc.
|
100 %
|
Direct
|
Cameo Cobalt Corp. has received final TSX Venture Exchange approval for the purchase of mining assets in an arm’s length transaction from MX Gold Corp.
FortyTwo Metals Share Purchase Agreement dated January 11, 2019, whereby the Company has agreed to purchase from the Vendor all of the issued and outstanding shares of the Vendor’s wholly-owned subsidiary, FortyTwo Metals Inc. (“FortyTwo”), for aggregate consideration of $578,982.76 consisting of $53,982 to renew certain mineral claims of the MAX Property owned by FortyTwo, $150,000 in cash and 5,000,000 common shares of the Company at a deemed issue price of $0.075 per share. The Company has also agreed to grant a 50% net profit interest on gross cash income from the MAX Property to the Vendor (less all expenses incurred to produce such income which is payable only once the Company has recouped from net profits its capital investment in the MAX Property and all pre-production costs). FortyTwo holds the past producing MAX molybdenu
Summary:
Commercial production at the MAX operation commenced in 2008 at a nominal rate of 500 tpd. Production re-commenced in June, 2011 but was finally halted in October of that year due to continuing low molybdenum prices, which made the operation at the rate of 500 tpd uneconomical.
Processing
- Gravity separation
- Flotation
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