Card Lake, Teddy Bear in dispute over claims

A property dispute is heating up between Card Lake Resources (COATS) and Teddy Bear Valley Mines (COATS) over five patented claims situated east of the Lightning gold zone in northeastern Ontario. The legal dispute between Card Lake and Teddy Bear involves five claims (No. 43921-23, 10699, and 11160) adjacent to the Cadden and Desserault claims owned by a 60/40 partners Noranda (TSE) and Freewest Resources (TSE).

The disputed 5-claim property is currently owned 100% by Card Lake, but Teddy Bear has launched a legal action against Card Lake claiming ownership of the property. Card Lake is defending the action, and although preliminary hearings have been held, no trial date has been established.

Meanwhile, drilling resumed this month on the Lightning zone of the Holloway gold project shared by joint-venture partners Noranda, Freewest and Teddy Bear. Based on nearly 165,000 ft. of diamond drilling completed to date, preliminary reserves for the deposit have been estimated at around 5 million tons grading 0.2 oz. gold per ton. An official estimate of the deposit’s gold reserves is expected sometime later this year.