A private Toronto-based company that went public last August when it raised $480,000, Goldplex Development Corp. (ASE) is currently concentrating its exploration activities on the Courageous Lake gold belt where it holds two properties. This is an area that has been drawing increased interest of late because of the multi-million-ton Noranda-Getty gold development.
Drilling has already commenced on the company’s 100%-owned Lava group, located nine miles north and on strike of the Noranda- Getty discovery. Initially, 11 holes are planned to test a number of anomalous geophysical zones defined by surface exploration carried out last fall. Planned expenditures on this group this year will exceed $300,000, according to Eugene Luczkiw, president.
The second group, known as the Providence Lake property, lies further to the north but on the same favorable volcanic belt. It consists of 10,000 acres covering a 10-mile stretch of the same sedimentary- volcanic contact that hosts the big Noranda-Getty Tundra deposit.
Goldplex can earn a 75% interest in this second group by spending $430,000 over the next three years. It has already spent $70,000 on an airborne electromagnetic and magnetic survey.
The company plans to raise additional capital for its 1988 summer exploration program, says Gerald R. Hillsdon, secretary-treasurer. There are currently 1,994,006 shares and 1,244,000 warrants outstanding.
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