In a busy year, Power Explorations (TSE) spent $8.6 million on a number of gold properties in the Opapimiskan Lake, Pickle Lake and Dryden areas of northwestern Ontario.
The company recently increased its year-end cash position to $118,025 from $97,667 at the same time in 1986. It completed more than 165,000 ft of diamond drilling on four properties, including Kasagiminnis Lake where a 40-ft-wide silicified sulphide-bearing zone has been drill tested to depths of 250 ft to 500 ft. Geological reserves at Kasagiminnis Lake are estimated at 2.9 million tons grading 0.14 oz gold per ton to a depth of 1,000 ft.
According to Power, wider spaced drill holes indicate that the east portion of the zone is slightly higher in grade and 1.1 million tons of grade 0.19 has been inferred.
Under an agreement with Power, Ravenroc Resources (VSE) can earn a 50% interest in the Opamiskan Lake by spending $2.5 million over four years and making a $250,000 cash payment.
With drilling scheduled to resume this summer, three gold- bearing zones associated with iron formation in a large anticlinal fold have already been announced.
The Power Explorations issue was trading recently on the Toronto Stock Exchange at 45 cents in a 52-week range of 25 cents and $1.68
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