Toronto-based Melrose Resources (VSE) says exploration is about to begin at the Blackstock Twp. property near Timmins, Ont., where the company is joint venturing with Placer-Dome Inc. (TSE).
After spending $1 million on the property where several large pieces of green carbonate float assayed as high as 0.78 oz gold per ton, Placer- Dome has earned a 60% interest. Melrose retains a 40% working interest.
The partners will spend $350,000 on detailed geophysics, geochemistry and to drill test targets outlined by a reverse circulation program coincidental with geological and induced polarization targets.
Melrose , which recently arranged a private placement financing with Mingold Resources of Toronto, must put up $140,000 to finance the program.
The private placement with Mingold is for 700,000 shares at 20} per share.
Melrose said it plans to access the flow-through market for additional funds to assist in the Blackstock and other projects at the company’s 73-claim Hemlo property.
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