Toronto-based Goldplex Development (ASE) has received permission to extend its warrants, due to expire on July 31, until Sept 30, next year. However, the conversion price of the warrants will remain at 60 cents .
The company says it has completed a drilling program on its Lava 1 gold prospect in the Courageous Lake area of the Northwest Territories. According to President Eugene Luckzkiw, an 11-hole (2,984 ft) program tested a variety of geophysical targets defined during a 1987 ground survey.
Sulphide mineralization was intersected in all the holes, the company said. “Halo-type” gold values were returned in two holes, which cut 2 ft of 0.023 oz gold per ton and 2.2 ft of 0.016 oz.
Goldplex will continue to monitor activity in the area, and additional work may be undertaken on the Lava property if circumstances warrant it, the company said. Meanwhile, it will remain in good standing.
In other news, Goldplex has received the results of an airborne geophysical survey on the 10,000- acre Providence Lake property, in the Courageous Lake area. The survey confirms that a volcanic-sedimentary contact extends along the entire 10-mile length of the property.
A number of EM anomalies have been defined within the volcanics, in the sediments and along the contact. The magnetic data show several possible cross-structures, as well as intrusives within the belt, Luckzkiw said.
The company plans an extensive exploration program on the property, either alone or in a possible joint venture.
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