Companies make deals near Lebel-sur-Quevillon

Several companies continue to make deals involving ground in the Lebel-sur-Quevillon camp of northwestern Quebec.

Wiscan Resources (TSE) and Sharpe Energy & Resources (VSE) have jointly acquired 56 claims in Souart Twp., 10 miles southwest of the recent gold discovery by Murgor Resources (VSE).

As consideration, both companies are to pay $6,000 each and issue 50,000 Wiscan common shares and 25,000 common shares of Sharpe. In addition, the vendors have been granted options on 100,000 shares of Wiscan priced at 30 cents each and 50,000 options on common shares of Sharpe priced at 60 cents each.

The vendors will hold a 2% net smelter return royalty (NSR), of which 1% may be purchased by Wiscan and Sharpe for $500,000.

The two companies plan to carry out ground geophysical surveys over the property in the near future.

Meanwhile, Calgary-based Thermal Exploration (ASE) has optioned 30 claims, about 2 miles southwest of Murgor’s ground, from Orient Resources (ME). Thermal intends to earn a 60% interest by issuing to Orient 100,000 Thermal common treasury shares once a definitive agreement is signed. In addition, Thermal must pay Orient $15,000 six months after the agreement is signed, issue $50,000 worth of shares or cash on each anniversary date for a 3-year period, and spend $400,000 on exploration over four years.

Orient will act as operator, with initial exploration set for the spring. In nearby Carpiquet Twp., VSE-listed International Homestead Resources (IHR) has acquired 21 claims. The junior will pay $10,000 and issue 100,000 IHR shares for the property, which is subject to a 3% NSR. IHR can buy back half of the royalty at its discretion.

The company is seeking a partner for the project and expects to begin exploration this spring.

Junior Beaufield Consolidated Resources (VSE) has completed a private placement and plans to spend $250,000 on the 47-claim Macho River property, which is part of the 292-claim package held as a joint venture with Toronto-listed Falconbridge.

Between 1986 and 1993, the partners spent more than $7 million in the area and uncovered a new gold-bearing structure, called the Zone 18. This zone yielded intersections which averaged up to 0.3 oz. gold per ton over 26.9 ft. and has a mineral inventory of 550,000 tons averaging 0.175 oz. As a result of Beaufield’s planned expenditure and Falconbridge’s non-participation in the current program, the junior’s interest will rise to 50.5%

Vancouver-based CanGold Resources and Urbana Corp. (TSE) have also been reviewing past work on their property, with the intention of performing additional work.

A total of six mineralized zones were previously outlined, and only half of the 48 claims have been explored. The highest-grade intersection drilled on the North zone averaged 1.14 oz. over 0.8 ft., while the Woods showing yielded 2.22 oz. over 3.8 ft. All other intersections ranged between 0.1 and 0.6 oz. over widths of fewer than 5 ft.