Flow-throughs to fund Marker joint ventures

Marker Resources of Calgary recently completed a $1.4-million subscription agreement with First Exploration Fund 87 to finance exploration activities on joint venture properties in Newfoundland and Manitoba.

Under the agreement, completed on July 9, Marker must issue 311,111 shares on a flow-through basis at $4.50 per share.

The financing allows Marker to earn a 20% interest in the Fox River platinum project in Manitoba managed by Selco Division–BP Canada Resources. Platinum Explorations Canada Inc. of Toronto is the original vendor.

To earn its interest, Marker must complete a $500,000 phase 1 exploration program, followed by a $400,000 phase 2 program. Through staking and mineral permits, the project covers 160 km of favorable geological settings. Exploration continues on the property with drills expected to be mobilized in early August.

Under a second agreement with Toronto-based Rio Algom, Marker can earn a 50% interest in two gold/base metal claim groups covering 14,000 acres in Huxter Pond, Nfld. To earn its interest, the company is required to fund a $400,000 exploration program by Dec 31.

The program will include line cutting, soil sampling and detailed geophysical surveys. A 5,000-ft diamond drilling program is expected to begin in early September.

Marker will spend the remaining $500,000 to earn a 12 1/2% interest in the Selco Division–BP Canada Resources property at Jackson’s Arm, Nfld. A phase 3 diamond drilling program is expected to begin in early September. Marker also has an option to earn a 20% interest in 12,826 acres adjacent to the Selco joint venture.