Goldcorp Developing Cochenour Gold Project

Goldcorp plans to spend an estimated $12 million in 2009 on development of the Cochenour gold
project in the Red Lake mining district of Ontario, Canada. (Photo courtesy of Goldcorp).
Goldcorp is proceeding with plans to develop its Cochenour project in the Red Lake district of Ontario, Canada. The project combines the existing workings of Goldcorp’s historic Cochenour mine with the contiguous and down-dip Bruce Channel gold discovery acquired by Goldcorp when it acquired Gold Eagle Mines in September 2008. No mineral resource yet exists for Cochenour, but for purposes of initial scoping estimates, Goldcorp is sizing the project at approximately 5 million oz of gold.

Cochenour development activities during 2009 include preparation of a study to determine the preferred alternative for accessing the Bruce Channel deposit. Under consideration are a shaft on Mac- Kenzie Island, a shaft on the mainland, or utilizing the company’s existing Cochenour shaft in conjunction with development of a new internal winze or high-speed underground access from the Goldcorp’s existing Red Lake complex. Goldcorp also has begun dewatering the existing Cochenour shaft, which will facilitate exploration of the Bruce Channel main zone. The company is targeting completion of a pre-feasibility study and commencement of shaft or winze development during 2010. Total investment for initial development during 2009, exclusive of a $6-million drilling budget, is estimated at $12 million.

Goldcorp describes the Cochenour project as an important step in the long-term optimization of its entire Red Lake asset portfolio. Other initiatives associated with this program include the ongoing expansion of the Red Lake mine, the assessment of possible open-pit mining opportunities, and the third-quarter 2009 completion of an exploration drift that will allow resumption of routine exploration and in-fill drilling in the Red Lake mine’s High Grade Zone for the first time in four years.

As featured in Womp 2009 Vol 05 -