Flow-through equips Power for Dryden area ventures

Toronto-based Power Explorations has added $3,103,325 to its treasury through a recent flow- through share issue and by exercising some Series A warrants, the company says.

As a result, Power is fully funded for all of its exploration programs including approximately 120,000 ft of drilling through the current tax year,” said President Harry Hodge.

Some 67,000 ft of drilling has been completed at the company’s joint venture holdings in the Dryden, Pickle Lake and Opapimiskan Lake areas of northwestern Ont.

According to Power, assay results from about one-half of the completed holes confirm the presence of multiple gold zones on all properties with a number of ore grade intersections.

The company says geochemical sampling indicates a number of high grade gold zones at its Randal Lake and Karl-Zeemel Lakes properties. At Randal Lake, large grab samples returned gold values ranging from 0.32 oz to 1.79 oz gold per ton along a strike length of over 500 ft, the company says.

These zones occur within the North Caribou River fault zone which extends for 5.4 miles across the property. On the Karl-Zeemel property, Power says intermittent grab samples of iron formation directly along strike from the Snoppy Lake zone (which hosts six million tons of 0.2 oz), returned values of 0.17 oz, 0.12 oz, 0.60 oz, 0.22 oz and 0.76 oz over a 2-mile strike length.

In other news, Power has reached a joint venture agreement with Kidd Creek Mines to explore 24 claims lying adjacent to Power’s Dryden property and covering the projected extension of Kidd No 1 and Jumbo gold zones.

Power has also signed a joint venture with North American Rare Metals to explore 153 claims in four separate blocks in the Meen- Dempster Lakes area, west of Pickle Lake, held by Osisko Lake Mines.

According to Power, one of these claim blocks, the Dobie River property, is located immediately adjacent to St. Joe Canada’s Dobie River gold zone. A gold discovery was announced there earlier this year.

Under the agreement, Power and North American Rare can earn a combined 50% interest in these properties by spending $500,000.

Power says a detailed geophysics program, designed to define a number of magnetic/conductive zones detected with airborne geophysical surveys, is under way.

A 10,000-ft drill program will be carried out there from January to February, 1988, the company says.