Within the same year of 1953, the mining zone was soon purchased by the newly incorporated Spanish American Mines Ltd. In addition the company would also start on conducting their own drilling program when 6 diamond drill holes became driven within the solid hard rock. At this time the company was well onto something when the core samples indicated a high uranium bearing zone. Nevertheless, the company it self had decided to conduct another series of six diamond drill holes to determine the reserve value. Most of this soon had returned a promising tonnage when the mine was estimated to contain 6,000,000 tons of Uranium Oxide at a grade of 0.10%.
By 1954 the newly incorporated Spanish American Mines Ltd. would undergo further development phases when the No. 1 and 2 shafts became engineered. At the time the company had only sunken these shafts to a depth of 500 feet. This construction phase would also open more production ground when four levels became establish. These levels alone became located on the mines 100, 250, 375, and 500 foot section of the Spanish American Mine. More so they we're rather constructed by drifting, and crosscutting phase that became performed by the company's workforce.
Another huge change had occurred in 1956, when the Spanish American Mines Ltd had incorporated it self into the Northspan Uranium Mines Limited. Further shaft sinking was conducted when the No. 1 and 2 shafts became constructed at different depths. The No. 1 Spanish American Shaft was now reaching a depth of 3,476 feet, and the No. 2 Spanish American Mine shaft was sunken to a depth of 3,163 feet. Production at the time was mainly coming from the newly developed level that was stationed on the mines 3,100 foot section. Most of this became opened up by 7,056 feet of drifting, and 4,286 feet of crosscutting. All of this development was reported to have been officially completed by the year of 1959.
By 1958 the whole entire mining operation was rather being transformed when the company had constructed its very own milling facility. Production from 1958, to 1959 had produce significant amount of ore that totalled 205,000 tons by the end of its legacy. During this time period it was also reported that 400,000 tonnes of waste was dumped into Oliver Lake. This major impact would cause severe contamination within the Serpent River System, and was traced for a distance 55 miles. All of this waste was generated from the mine tailings after a few years of contaminating the lakes with Radioactive Acids. More so it became noted in a report that there were no living fish in the whole entire river that was located downstream from the mine waste piles.
Another devastating blow had occurred within the same year of 1958, when the mine experience an electrical fire that occurred on 2,550 foot level. It soon became evident that a short in the main fan trip out had caused burning of some electrical wiring in the Contact Breaker Cabinet. Further so the company would also end up calling this mine the Lake Nordic Mine
Company officials would also conduct another huge amount of diamond drilling that totalled 4,276 feet of surface core sample, and another 432 underground diamond drill holes that totalled 14,833 feet of core. Generally this whole entire exploration phase would be completed by the year of 1959, as the mine came to its first closure due to severe ground conditions. Within this time period the mine was never re-opened again as it was proven to be to expensive for the company to re-develop this operation. .