Jonpol nabs Red Lake ground

Junior Jonpol Explorations (JON-T) has acquired a small gold property in the Red Lake area of northern Ontario.

The Toronto-based company paid $14,000 and must pay an additional $50,000 by 2004. The vendor retains a 2% net smelter return royalty, which Jonpol can reduce by half in exchange for $1 million in cash.

Situated near Slate Lake, the property covers just under 9 sq. km.