The Akweskwa gold property, 24 miles southwest of Timmins, Ont., has been acquired by Eastmain Resources (CDN).
The property includes nine patented claims optioned from Falconbridge (TSE), 18 claims optioned from private vendors and 20 claims staked by Eastmain.
The Akweskwa covers a 2.5-mile length of favorable ground which hosts the past-producing Dunvegan and Jonsmith gold mines. In addition, three disseminated sulphide zones up to 6,600 ft. long have been identified on the property. Previous drill intersections averaged 0.54 oz. per ton across 10 ft. and 0.6 oz. over 6.4 ft. on the Jonsmith and Dunvegan zones, respectively. The zones are also coincident with induced-polarization anomalies and remain open along strike and downdip. Eastmain will begin exploring the property after the spring thaw.
The company can earn a half interest in the patented claims and a 100% interest in the remaining ground by issuing shares, completing work commitments and paying royalties.
In related news, the company has completed a flow-through financing of 780,000 shares priced at 65 cents each for proceeds of $505,000. Funds will be used to carry out four drill programs on properties operated by Eastmain in Ontario and Quebec.
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