According to Harry Hodge, president of the Moss-Power group, a single merged company with combined property holdings would be more successful at raising money while keeping down overhead costs.
Meanwhile, Hodge reports that exploration is continuing on several of the group’s mineral properties in northwestern Ontario. Recent assays of drill core from the Opapimiskan Lake property, 70 miles north of Pickle Lake, indicate a new, deep gold zone. The best result from recent drilling is a 4-ft intersection which graded 0.46 oz gold per ton. The program is being funded by joint-venture partner Ravenroc Resources (VSE).
An 11,000-ft drill program is half completed on the Ohman property, 10 miles southeast of Pickle Lake. Recent assay results indicate no economic grades have been encountered. Joint-venture partner Champion Gold Resources (ASE) is funding this drilling.
A 5,000-ft drilling program is nearing completion on the Neawagank Lake property in the Opapimiskan Lake greenstone belt. Funded by joint-venture partner Santa Maria Resources (TSE), this program has discovered a new gold find in iron formation and further drilling will focus on definition of this zone.
Drilling has commenced on the Randall Lake property by Guinness Gold Resources (ASE), which can earn a 50% interest by spending $2 million on exploration. The company plans to complete 8,000 ft of drilling by the end of next month.
Hodge says his company is continuing to seek joint-venture partners to fund exploration on other of its gold properties.
]]>
Be the first to comment on "Moss and Power plan merger"