LAC Minerals (TSE) and the Jonpol group of companies have signed a joint venture agreement for the exploration and development of their properties in Garrison Twp., 30 miles northwest of Kirkland Lake, Ont.
The agreement follows LAC’s analysis of the results of a summer drilling program on the properties which confirmed gold mineralization associated with the Porcupine- Destor fault system. Under the agreement, LAC has paid a total of $1.3 million to the members of the Jonpol group, comprising Jonpol Explorations (TSE), T & H Resources (TSE), Newfield Mines (TSE), and Coastoro Resources (VSE), as the first step towards earning a 50% interest in the properties.
In order to earn its interest, LAC must pay another $1.5 million by the end of 1989 and complete a $4.7 million exploration and development program by Dec 31, 1990. If LAC makes the second payment, LAC and Jonpol have agreed to exchange $1 million worth of common shares by the end of 1990.
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