Ursa Major explores Shakespeare

Ursa Major Minerals (URS-T) has raised $195,333 through an offering of shares and warrants. The funds, together with $60,000 which the company raised privately, will be used to finance ongoing exploration at two adjacent properties in Ontario.

At the Shakespeare property, near Sudbury, the junior is carrying out geological mapping, geophysical surveys and channel sampling. The deposit contains a near-surface inferred resource of 1.9 million tonnes grading 0.42% copper and 0.36% nickel, plus 0.44 gram palladium, 0.4 gram platinum and 0.23 gram gold per tonne.

The company will also explore high-grade platinum group metal occurrences in excess of 10 grams per tonne on its Porter property.

Meanwhile, at its West Rambler property in Wyoming, Ursa Major has discovered high-grade mineral float blocks with values of up to 89 grams palladium. The property is 3 km west of the past-producing New Rambler mine. The company is awaiting results of a soil survey that will evaluate the source of the float blocks.

United Keno Hill granted extension

The Supreme Court of Ontario has granted financially troubled United Keno Hill Mines (UKH-T) an extension, until Oct. 18, for protection from its creditors.

The company has been engaged in court proceedings initiated by creditors holding miners’ liens at its silver properties near Elsa, Y.T. United Keno Hill is endeavouring to negotiate a plan of arrangement with its stakeholders and creditors.

The company recently entered into a financing agreement with a Nevada firm and now intends to resume production following an underground development program.

The silver-lead-zinc mines at Elsa began producing in 1947. Operations were suspended in 1989 owing to low silver prices.

Karmin Exploration joins CDNX

The demise of the Canadian Dealer Network has forced Karmin Resources (YKA-V) to join the Canadian Venture Exchange.

Earlier this year, Karmin and Anglo American (AAUK-Q) combined their two contiguous base metal properties in Brazil to form the Aripuana project, which hosts the Valley and Arex volcanogenic massive sulphide deposits. The Valley deposit contains 11.6 million tonnes with an average grade of 6.29% zinc, 2.25% lead and 0.07% copper, plus 65 grams silver and 0.25 gram gold per ton. The nearby Arex deposit has similar grades.

Under the joint-venture agreement, Anglo American is required to spend US$3.25 million by mid-2003. To date, the major has drilled five holes and conducted significant surface exploration. Results will be announced in late October.