A first-phase drill program operated by Argyle Ventures Inc. (VSE) is about to begin on the Dorothy Lake gold property in the Pickle Lake area of Ontario. Path Resources, a private company, is spending $322,500 to earn a 50% interest in the property. The program will consist of 1,200 ft of diamond drilling, to be followed by a further 2,112 ft in a second-phase program planned for March. John Oliver, president of Argyle, said the programs are designed to test a number of strong geophysical targets defined in early 1988.
At feasibility, Kerr Addison Mines (TSE) has the right to provide 100% of the financing necessary to place the property into commercial production in return for a 60% undivided interest. Argyle and Path Exploration would each retain a 20% interest.
Argyle attained a net revenue interest income of $30,300(US) for the fourth quarter of 1988 from its share of production from oil and gas wells in Ohio.
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