An offer made by Golden Rule Resources(TSE) and Goldsil Resources (TSE) to sell their 45% interest in the Oven Lake joint venture in the La Ronge area of Saskatchewan has been rejected by the TSE. The companies had an agreement with Waddy Lake Resources (TSE) whereby Waddy would purchase Goldsil’s 25% interest for $645,750 and Golden Rule’s 20% interest for $516,000. In addition, Waddy agreed to issue about two million shares to Goldsil and 1.7 million shares to Golden Rule at a share price of 30 cents.
The parties are renegotiating the terms and conditions of the proposed purchase, in order to arrive at a fair arrangement considering the current price of Waddy Lake shares.
Windy Mountain cuts more low-grade copper values at MacLeod
More low-grade copper assays have been released from Windy Mountain Explorations’ (COATS) MacLeod Lake property, north of Chibougamau, Que.
The 35-hole drilling program, designed to test two copper-molybdenum showings on the property, is almost complete. Assays are pending from holes 20 through 34. Results from holes 12 through 19 are: Width Copper Molybdenum Hole (metres) (%) (%) 12 8.2 0.26 0.01 13 2.5 0.30 trace 14 No significant intersection 15 14.6 0.19 0.001 16 15.2 0.36 0.02 17 7.9 0.40 0.01 18 65.0 0.21 0.02 19 79.7 0.23 0.02
In order to further delineate the known mineralized zone, Windy Mountain plans to begin a major program involving mapping, prospecting, ground geophysics and diamond drilling this summer.
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