Drilling by Proteus Resources has commenced on a 106-claim group property in Garrison and Thackeray twps. in northern Ontario, the Toronto-based company reports.
Lac Minerals, which may earn a 50% interest in the property by spending $1.5 million on exploration work, is carrying out an in duced polarization survey over the entire property. Drilling of prospective targets by Lac is set to begin this month or in March.
Proteus says previous drilling has identified reserves of 275,000 tons grading 0.17 oz gold per ton, of which 40,000 tons grading 0.21 oz is open pitable.
Once Lac has earned its 50% interest, Proteus’ interest will drop to 12.5%. The remaining 37.5% interest would be held by Silverside Resources.
In other news, Proteus reports it has concluded an agreement with Francis T. O’Connor of Kirkland Lake, Ont., to earn a 100% interest in four claims in Gauthier Twp., Larder Lake mining division.
Proteus has commenced a program of linecutting and magnetic, vlf-em and induced polarization geophysical surveys on the property. Drilling is to get under way this month.
Also, the company has acquired by staking four claims in the Timmins, Ont., area. The property is located five miles northwest of the Dome mine and two miles west of the McIntyre-Hollinger mines. Exploratory work is planned.
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