American Barrick can earn a 100% interest in the claims by spending $750,000 on exploration prior to Sept 30, 1992. The company must also make cash payments totalling $250,000 to Card Lake. If the option is exercised, Card Lake will retain a production royalty.
Drilling by the vendor intersected gold mineralization associated with a fault splayed off the McKenna fault. The Holt-McDermott orebody is found along the McKenna fault. The Card Lake ground is also half a mile northwest of a small gold deposit grading 0.2 oz gold per ton, which was identified by Barrick earlier. Barrick plans to start a 4,000-ft drill program in the new year.
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