Canreos fortunes looking up under Belmoral Mines’ wing

Belmoral Mines, which has taken Canreos Minerals (1980) Ltd. under its wing and now holds a direct 40% share interest, has turned that junior firm into an active exploration company. And it now enjoys a healthy financial position to boot, The Northern Miner gathers from conversation with Koos H. Schippers, Canreos president.

The company has shipped 56,000 tons of silicious fluxing gold ore from its main Missanabie property to the Kidd Creek smelter at Timmins, filling its contract with that big firm. “We are quite happy with the results,” Schippers said. It has also carried out a 20,000-ft program of surface drilling in an ongoing exploration program.

Expanding its interest in that area, Canreos recently acquired a 50% interest in two properties totalling 55 claims from Armistice Resources for $200,000. Under the terms of that agreement, Armistice must fund a $300,000 exploration program over the next 18 months.

The company has also acquired an option to earn a 50% interest in 30 claims adjoining the above property in Riggs Twp. from Conquest Yellowknife Resources. Under the terms of that agreement, Canreos has made a $15,000 property payment and must fund a $300,000 exploration program within 18 months.

Canreos will be the operator on both the Armistice and Conquest properties and plans a geochemical and geophysical mapping program this spring, prior to commencing a 10,000-ft drill program. These are located on the west side of Dog Lake on the projected strike extension of the same favorable stratigraphy that hosts the Magino and Krezmar gold deposits approximately 10 miles to the west.

Canreos has also embarked on what promises to be an extensive exploration program on its optioned Melba gold mine property near Kirkland Lake. This was acquired from Nordex Explosives under an agreement that calls for an aggregate price of $750,000. It has already carried out some geophysical work on this 188-claim group, and plans a 20,000-ft drill program to commence in the spring.

The company’s shares are currently listed on the Alberta Stock Exchange, with plans afoot to expand its listing.