Frnakfield shows signs of reviving

“We are going to be on the lookout. We certainly won’t be adopting any passive role,” Stanley Hawkins, who heads a revamped board of directors, assured The Northern Miner this week.

Mr Hawkins holds a substantial block of Frankfield shares, while North American Rare Metals (ME), another company of which he is likewise president, holds some 420,000 shares.

Frankfield’s current interest focuses on a 22-claim gold property in Tully Twp., 20 miles northeast of Timmins, now being explored by New Texmont Explorations (ASE). Under that deal Frankfield can maintain a 36% interest by putting up funds pro-rata with Texmont or reducing to a 10% carried interest.

New Texmont, a company in the J. P. Sheridan camp, recently completed a 7-mile access road and has been getting some highly interesting results in recent surface drilling.

Tonnage indications are such that serious consideration is already being given to an underground program.

With more assays yet to come, some 20,000 ft of rather widely spaced drilling has traced what is known as the Frankfield zone for a strike length of 2,000 ft and to a vertical depth of 1,500 ft that will average approximately 0.23 oz across 8 ft.

As recently reported (N.M., Feb 13/89), the down dip extension of this zone has been picked up by New Texmont in three good holes on the adjoining claims of Gowest Amalgamted Resources (ASE) which New Texmont holds under option and in which it can earn a 50% interest by spending $400,000 on the Gowest property.

The Frankfield company, which has a little over $200,000 cash on hand at this time, will likely be arranging some additional financing before too long. Its revamped board, in addition to President Hawkins, includes Sherman Tough, Michel Lafrance, O. F. Carter, Jeff Shier, O. F. Carter and F. Munger, secretary-treasurer.

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