Nahanni Mines has optioned its 86-claim Michaud Twp. gold property to Moneta Porcupine Mines, President J. A. Harquail told shareholders at the Nahanni annual meeting. Moneta paid $50,000 on signing and guarantees to spend at least $500,000 on this ground.
The Moneta company recently reported making a significant gold discovery on its own ground just a few hundred feet from the Nahanni boundary. All eight holes it put down along a strike length of 700 ft returned visible gold, with the two best holes assaying 0.22 oz across 36 ft and 0.20 oz across 20 ft.
A geophysical survey indicates that this Moneta discovery zone extends across the Nahanni ground for a strike length of about a mile, and Moneta will start drilling here this month, the meeting was told.
Moneta can earn a 50% interest in the Nahanni claims for an expenditure of $1 million.
In addition to the above program, Nahanni will carry out an extensive exploration program on its five claim groups extending over a 12- mile length along what is known as the Pipestone fault northeast of Timmins.
Mr Harquail also reported that discussions are in progress with a group interested in financing a further drilling program on Nahanni’s 100%-owned Quyta gold property in the Sioux Lookout area of northwestern Ontario.
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