Aquaterre seeks funding for its projects in B.C.

Provided funding can be arranged, Aquaterre Mineral Development (VSE) plans to spend $1.8 million on its properties near Stewart, B.C., in 1995.

The bulk of the funds are earmarked for the Georgia River property. Aquaterre can earn a half interest in the project from Blackline Oil (VSE) by funding the first $960,000 in exploration.

Previous work at Georgia River outlined an indicated and geologically inferred resource of 304,000 tons grading 0.81 oz. gold per ton in two zones on the southwest vein.

Plans call for a 2-stage work program. The first stage, budgeted at $400,000, will include diamond drilling, geophysical work, data analysis and engineering studies designed to define the estimated resource. The second stage, budgeted at $900,000, will include further drilling as well as underground development work, bulk sampling and engineering studies to block out additional reserves.

A further $500,000 would cover a 2-stage exploration program on the nearby Ashwood property.

Aquaterre has $350,000 in working capital and 4.5 million shares outstanding. John Kerr, a director, says the company is reviewing its funding options and conferring with various interested parties.