Active in the Kirkland Lake, Ont., and Matagami, Que., areas, Kingswood Explorations traded a hefty 814,400 shares for the week ended Aug. 13, slipping a penny to 20 cents.
The company’s gold property in Ontario lies 30 miles southwest of Kirkland Lake; an initial 5-hole test program has been planned. West of Matagami, Kingswood plans to investigate for downdip extensions of a zinc-copper-silver deposit.
Tanqueray Resources reported striking a deal with Westmin Resources which will allow the junior to acquire a 100% interest in the Little Stull Lake gold project in northeastern Manitoba. Currently, Tanqueray has a 46.67% stake in the project, with Westmin owning the balance.
To earn its interest, Tanqueray, which gained 10 cents to 20 cents on a volume of 83,500, must spend $1.5 million on exploration work before the end of 1996 and issue shares to Westmin. Vancouver-based Westmin will retain a 2% net smelter royalty interest.
North American Gold, which gained 63 cents to $4.25 with 669,500 shares changing hands, reported it is continuing with the development and testing of equipment to be used by a subsidiary (North American Environmental) in the environment business.
With financing provided by Phelps Dodge of Canada, Scotia Prime Minerals has commenced drilling work in Nova Scotia. Six Scotia Prime properties are involved in the option package with Phelps. Scotia Prime was 25 cents bid, 40 cents ask on the week.
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