Gunnar gold joins Maritimes gold hunt

Gunnar Gold has announced that it will join the hunt for gold in the Maritimes with a $2-million diamond drilling program on the Fifteen Mile Stream property in Nova Scotia.

The 4-drill, 30,000-ft exploration program will focus on extending current drill-indicated reserves of 600,000 tons grading 0.24 oz gold per ton. Fifteen Mile Stream is located 11 miles northeast of Seabright Resources’ Beaver Dam deposit.

The initial drill program is part of a $5-million agreement with Petromet Resources whereby Gunnar can earn a 25% interest in the Pan East Resources property. Petromet has had the right to earn a 50% interest from Pan East. With further expenditures beyond mid- 1989, Gunnar can increase its interest in the property to 37.5%.