A total of $1.8 million of flow- through share financing has been arranged by Can-Mac Exploration for the 1987 and 1988 exploration seasons. The cash will fund exploration work on several properties in Ontario.
A $350,000 program has been budgeted for the company’s Davis Twp., Ont., property. The property covers a zone of multiple quartz veins which have been drill tested along strike for 800 ft. Of 16 intersections in five holes, the best cut a 4-ft section grading 0.147 oz gold per ton. A majority of the holes assayed below 0.1 oz in narrow sections ranging from less than 1 ft to 5 ft in width.
The 1987 program will test the zone at depth. Also additional stripping and surface mapping is planned. Based on the results for this program, the company will consider an underground exploration program via a decline ramp. A $400,000 budget has been allocated for this work.
In Mexico, Can-Mac holds a 49% interest in a company which is running a small scale gold mining operation. Can-Mac is trying to determine the exact nature of its investment. The investment was made by Can-Mac’s predecessor company in the 1970s.
Near Kirkland Lake, Ont., the company has acquired a property near the Mirado gold mine, operated by Golden Shield Resources. Proposed exploration work will include sampling, mapping and dewatering of three shallow shafts. Numerous high grading grab samples have been assayed from quartz veins striking across the claims.
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