An agreement has been worked out between NLX Resources (TSE) and Sandy K. Mines, a private company, whereby NLX will acquire 100% of the issued and outstanding shares of the latter in return for 6.7 million shares of NLX.
NLX, formerly Norlex Mines, previously earned a 20% interest in the Sandy K. silver property located in the Gowganda area of northern Ontario by spending $2 million on underground exploration.
Among the better results reported were 84 oz silver per ton over 0.7 ft, 57.9 oz over 0.5 ft and 114.2 oz over 0.5 ft.
NLX reports a further $3-million underground program has been approved for 1988. The company says it expects a production decision will follow this program.
The agreement is subject to shareholder and regulatory approval.
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