A drill program is under way at the King Bay gold property, 70 km northeast of Ignace in northwestern Ontario.
The program is operated by RedBird Gold (RBD-A-A), which recently made a $50,000 property payment under the terms of its option agreement with Wahlex.
The program will consist of three holes, each consisting of about 300 metres. The company says the drill program is based on a report done by Quantec Consulting, which performed a “realsection” induced-polarization (IP) survey over an area covering a 700-metre strike length of the potential shear zone at King Bay. The preliminary results of the IP survey were described as “significant.”
To fund the work program, Redbird negotiated a financing for up to $220,000 of special warrants at 22 cents per warrant. The financing is still subject to various approvals.
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