LONDON (Alliance News) - Red Leopard Holdings PLC Wednesday said that Coeur d'Alene Mining Contracting LLC has now begun work at the Idora Tunnel, following the news earlier this month that the US Bureau of Land Management had approved the company's plan of operations there.
Red Leopard shares were quoted up 16% at 0.550 pence Wednesday morning.
Coeur d'Alene has removed the rock falls and debris at the entrance to the Idora mine portal and has installed a metal culvert to permit safe exploration access to the tunnel, according to Red Leopard, an investment company focused on natural resources.
Jeff Lambert, president of Coeur d'Alene Mining Contracting LLC, has reported from initial observations upon entering the tunnel that there do not appear to be any significant additional cave-ins beyond the portal, according to Red Leopard.
In addition, Lambert also said that oxygen levels inside the tunnel measured 20.6%, which Red Leopard called "well ventilated" with "natural air flow."
"We now plan to get our geologist in the Idora Tunnel to explore the length of the drift as far as possible, and start a sampling program," Red Leopard Director Howard Crosby said in a statement.
Coeur d'Alene expects to complete the scope of work for the initial portal rehabilitation within the next week, Red Leopard said.
The Idora Tunnel and associated mining claims are commonly referred to as Silver Valley. The area is known as a key silver district, with total production to date of around 1.2 billion ounces of silver and substantial lead, zinc, copper and gold. Most of the claims, which cover a total area of approximately 1,435 hectares, lie within the Panhandle National Forest on Bureau of Land Management land.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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