Canada Company Pulls Out of Mining Project near Tok

A Canada mining company has withdrawn from an exploration project near Tok, saying it will focus on another, more advanced project in Alaska.

Vancouver-based Heatherdale Resources recently announced it no longer holds an interest in the Delta Project northwest of Tok.

KUAC says the company had initially been optimistic about the project's potential. Early exploration showed promising deposits of gold, copper, zinc and silver.

But Heatherdale president and CEO Patrick Smith says the company decided a couple weeks ago to get out of the project, given the falling price of gold and, more importantly, the availability of investors in a tight market.

The company will instead focus on its Niblack Project near Ketchikan.

That project is further along and showing potential rich deposits of precious and base metals.