Armistice sells Canreos 50% of Riggs Twp. bet

A 50% interest in two properties totalling 55 claims located west of Missanabie in northern Ontario has been acquired by Canreos Minerals (1980) of Toronto from Armistice Resources of Toronto for $200,000.

The agreement calls for Armistice to fund a $300,000 exploration program during the next 18 months.

Canreos has also acquired an option to earn a 50% interest in 30 claims adjoining the above claims in Riggs Twp. from Conquest Yellowknife Resources.

To earn its interest, Canreos must make a $15,000 property payment and fund a $300,000 exploration program on the property within 18 months.

Canreos will act as operator on both the Armistice and Conquest properties. It plans a geochemical, geophysical and geological mapping program on the properties this spring prior to commencing a 10,000-ft drill program in the summer.

The company says the properties, located on the west shore of Dog Lake, lie on the projected strike extension of the stratigraphy that hosts the Magino and Kremzar deposits about 10 miles to the west. At least two known gold-bearing shears are located on the properties, Canreos says.