A $600,000 drill program funded by KWG Resources (ME) began recently on Horne Fault Mines’ (TSE) Lavoie Lake copper property in northwestern Ontario.
KWG has the option to earn a 60% stake in a 96-unit portion of the property covering a 30 ft. wide mineralized zone containing probable reserves of 14.6 million tons grading 0.58% copper and 0.37% nickel.
Exploration during the 1970s also indicated the presence of other polymetallic values including cobalt, platinum, palladium and gold within three claim blocks.
While Horne Fault President Gordon Leliever couldn’t be reached for comment, KWG spokesman Pierre Laflamme said the company has high hopes for this property. A 10% owned affiliate of St. Genevieve Resources (TSE), KWG can exercise the option by spending $3 million at Lavoie Lake over three years. SEG Resources (ME), another St. Genevieve associate, and Goldhunter Explorations (ASE) also own property surrounding the Lavoie claims. Financing for initial drilling was arranged via a private placement of 480,000 units, each consisting of one KWG common share and one common share purchase warrant. The common shares were priced at $1.25 each.
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