Geomaque, Kingswood in property deal

Another option package has been negotiated by Kingswood Explorations (ASE) covering gold and base- metal exploration of property in Bourlamaque Twp., east of Val d’Or, Que.

Geomaque Explorations (TSE) and Kingswood have reached an agreement whereby the latter may earn a 50% interest in Geomaque’s Bourlamaque property by spending $1.2 million on exploration work over a 4-year period and by making cash payments totalling $100,000.

Initial expenditures include a commitment of $300,000 in exploration and $25,000 cash. Kingswood will act as operator. Work is expected to commence shortly.

The Geomaque property is situated three miles southeast of Val d’Or. The northeast part of the property is contiguous to the East Sullivan mine, a former copper- zinc-silver producer. The property also lies 10 miles southwest of the Aur-Louvem massive sulphide discovery in Louvicourt Twp. Geomaque says its property may be on strike with the Aur-Louvem find.

Previous drilling of the Bourlamaque property encountered copper and zinc mineralization. Drilling by Geomaque in 1988 involving seven holes encountered encouraging gold intersections.

Kingswood recently signed an option deal with Noranda (TSE) to acquire a 50% interest in 18 claims in the same township. Kingswood may earn that interest by spending $1.2 million during a 4-year period. Noranda Exploration is operator of that work program.