With several promising situations in the works, Heenan Senlac Resources is gearing for an active season, shareholders were told at the annual meeting this week.
“We feel quite hopeful”, President George B. Heenan told the gathering. “We’ve had all kinds of people knocking at our door with financing offers,” he said.
High on the agenda are its platinum-palladium holdings in the Lac des Iles area of northwestern Ontario totalling 128 claims. One of the three groups adjoins the main property of Madeleine Mines, while a second group is a joint venture undertaking with Madeleine. Electromagnetic surveys have now been carried out, with follow-up drilling to be undertaken in the near future.
A program of deep surface drilling is also scheduled to start shortly on the company’s Red Lake area gold property adjoining the Dickenson mine on the north. This ground is under option to Paget Resources, which company must spend $1 million on exploration to earn a 33 1/3% interest in this group of 27 patented claims.
The company also holds two groups of claims in the Matagami area of northwestern Quebec on which airborne surveys have now been completed. Mr Heenan has been approached by a major with proposals to drill both of these gold prospects.
Some further exploration, too, is planned for the company’s uranium prospect in the Russell Lake area of Saskatchewan.
The company continues to draw revenue from its oil and gas interests, the meeting was told, although these will be somewhat lower than last year’s $845,447. These include nine oil and gas wells in the Austin Chalk formation in Texas and a 25% interest in a large spread of ground in southeastern Saskatchewan where it holds an interest in 12 producing wells, with more to be drilled. It has sold its interest in an oil unit in southwestern Ontario for $168,300.
The company’s shares, which are listed on the Toronto Stock Exchange, reached a new high of $1.75 in active trading this past week.
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