With 10 properties, Joutel active concern once again

When control of Joutel Resources passed to the trio of John Arnold, Hugh Harbinson and Charles Page this past summer, the three vowed to make the company an active mining concern. And by indications so far, it looks as if they are succeeding.

Known in the early 1980s as more of an oil and gas player, Toronto- based Joutel has 10 precious metals properties, accumulated over the past several years, within its fold ranging from B.C. to Quebec. And with $400,000 raised recently through a successful completion on the Toronto Stock Exchange of an exchange offering prospectus for two million shares at 20 cents per share, the company is in fine financial shape.

A portion of these funds, about $100,000, is earmarked for a preliminary work program to start in the 1987 field season on eight crown-granted mineral claims located some 10 km north of Stewart, B.C., Mr Page, vice-president exploration, tells The Northern Miner. Around the turn of the century the property was a copper producer, but Joutel intends to follow up gold values turned up in sampling several years ago. Ontario projects

In Ontario, Joutel will direct some $250,000 on work on its 41-unpatented claims in the Pickle Lake area, which are located about one kilometre east of the Highland- Crow property. The geophysics work has already started with diamond drilling possibly scheduled for next year, says Mr Page.

Also in Ontario, the company has just reached agreements on two of its properties both located in the northwestern portion of the province. One is its 99-claim Macassa Creek property located on the northern limb of the Mishibishu Lake belt in northwestern Ontario.

Here Vancouver-listed Central Crude has the option to earn a 50% undivided interest by spending $400,000 on or before October, 1989. A joint venture will be formed on a 50/50 basis once these expenditures are made. In addition, Central Crude has the option to purchase an additional 10% undivided interest in the property from Joutel after all expenditure commitments have been met.

Based on preliminary investigation the Macassa Creek hosts the same geological horizon which is being explored and developed by Muschocho-Flanagan-Windarra, Westfield-Windarra and Granges-Macmillan and Dominion Explorer, says Mr Page. Work is scheduled for next year on the property. Second agreement

The second agreement concerns Joutel’s 48-claim Norton Lake property. Duration Mines has the option to earn a 65% undivided interest by expending $400,000 on or before August, 1990. A first-year expenditure commitment of $100,000 is required by August, 1987.

Once Duration earns its interest, Joutel may elect to participate in further exploration and/or development on a 65/35 basis. The agreement further provides for Joutel to receive 15,000 common shares of Duration. The Norton Lake property covers a tightly folded iron formation which has exploration potential for a Pickle Lake-type gold setting. Duration has already completed an airborne geophysical survey which has identified a number of exploration targets which will be tested by diamond drilling this winter.

A diamond drill program is also on the boards for Joutel’s Valrennes property located in the Casa Berardi area of Quebec. Central Crude, Joutel’s joint venture partner on this 24-unpatented-claim property, plans a winter drilling program, pending financing.