Base-metal find in Yukon excites Lenora president

“We’ll be drilling in two weeks (by the end of August). Tenders are out right now,” Robert Kasner told The Northern Miner shortly after returning from a site visit.

Lenora, which may earn a 60% interest in the property from Eagle Lake Explorations (ASE), has assigned 100% of that interest to Garden Lake Resources (VSE) in return for an unspecified number of shares.

Lenora has retained the right to back in for 51% of Garden Lake’s interest by incurring 110% of expenditures incurred by Garden Lake. Lenora has also subscribed for 400,000 units (share and warrant) on a flow-through basis of Garden Lake. Lenora is project operator and has the first right of refusal to finance Eagle Lake’s property expenditures.

Kasner says the property underwent some exploration in the early 1970s by a consortium of oil companies looking for base metals. Current holdings comprise 250 claims.

The property consists of three groups of claims — Anvil North, Anvil South and Tay River — located along the Anvil Geological Belt. Four massive sulphide deposits have been found in the Anvil Belt, the largest being the Faro mine of Curragh Resources.

The Anvil North and Anvil South, about 12 miles west of the Faro mine, cover five gravity anomalies, and Tay River, about 20 miles west of the mine, covers two gravity anomalies, Kasner said.

The Geological Survey of Canada released new geochemical maps covering the Anvil area in early August, with the maps indicating encouraging geochemical anomalies covering Anvil North and Tay River, Kasner said. The maps led Lenora to stake a third anomaly, the site of which the company has yet to disclose.

Lenora has gold exploration properties in northern Ontario and Saskatchewan. Kasner said the company has about $3 million in its treasury and no debt. It receives a 2% net smelter return on properties being developed by American Barrick Resources as part of the gold producer’s Holt-McDermott mining operation north of Kirkland Lake, Ont.

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