Calgary-based Bresea Resources (ME) has secured $285,000 from two flow-through share issues to finance exploration at its wholly- owned Back-River claims in the Northwest Territories.
Under separate agreements, Nim Resources 1988 and Co. Ltd. has subscribed for 270,000 shares at 50 each while a Montreal-based private investment company has bought 300,000 shares at 50 per share.
Through subsidiary Bre-X Minerals Ltd., Bresea owns two large claim blocks comprising 140 sq mi in the Back-River area. The company has launched a preliminary exploration program consisting of mapping, airborne surveys, sampling and trenching.
Bresea says the Back-River claims are underlain by Yellowknife supergroup rocks intruded by Regan intrusive diorite, granite and granodiorite plutons.
“Economically significant amounts of gold are associated with precambrian iron formations at Contwoyto Lake and in the Back- River-Esker Lake areas, said President David Walsh.
“Initial reconnaissance surveys indicate mineralized zones with extensive iron formations within the property boundaries,” said Walsh.
For the nine months ended Sept 30, Bresea reported a net loss of $65,339 compared to $109,139 at the same time last year. The company’s cash position declined at Sept 30 to $4,647 from $11,135 during the first nine months of 1987.
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