Sanfred Resources has optioned a 26-claim property in Code Twp., approximately 20 km southeast of Kenora, Ont. The ground was optioned from Fort Knox Gold Resources, a 33%-owned affiliate of Inco Ltd.
Sanfred can earn a 100% interest in the claims by spending $1 million on exploration by 1991 and paying a $15,000 annual rental fee to Fort Knox. Fort Knox has the right to buy back a 25% interest by spending $250,000 on exploration. Sanfred plans to start a surface exploration program in April. The work will focus on defining drill targets.
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