Going after similar polymetallic mineralization that Aur and Louvem have drilled, Ezekiel must spend $2 million on exploration by Dec 31, 1990, to earn a 25% interest. An additional $3 million must be spent later for Ezekiel to earn the full 49%. Exekiel will also issue shares to Aurizon.
The claims are part of Aurizon’s Beacon property, which had a gold producer on it until it closed in May, 1988. Low millhead grades and a lack of continuity in the vein structures made the mine unprofitable after only a year of production. The Aurizon/Ezekiel agreement excludes a portion of the Beacon claims with known and potential gold mineralization.
Initial exploration now under way includes linecutting, geological mapping, geophysical surveys and diamond drilling at a total estimated cost of $550,000.
Both companies have common management. Richard Hughes and Frank Lang, the founders of the Hughes-Lang Group, are directors and shareholders of Aurizon and Ezekiel.
Aurizon was created in August, 1988, from a reorganization combining Perron Gold Mines and D’Or Val Mines. The company has a 24,000-oz-per-year producer near Amos, Que., called the Sleeping Giant.
]]>
Be the first to comment on "Ezekiel gets option on Aurizon’s Val d’or claims"