A private placement of 25 units with Georgia Pacific Securities has been cancelled, says Glimmer Resources (VSE).
Proceeds of $125,000 from the placement would have helped Glimmer pay for its share of exploration expenditures on the Beatty-Hislop gold project near Matheson, Ont.
Glimmer holds a 40% interest in the project, while Hemlo Gold Mines (TSE) holds the remaining 60%. Preliminary reserves are estimated to be about one million tons grading 0.34 oz. per ton.
A narrow quartz-ankerite vein grading 3.55 oz. gold per ton yielded the only significant result from the 8-hole, Phase V drilling program completed recently (T.N.M., Jan. 13/92). An additional six holes, or 4,600 ft., will be drilled when the necessary financing is in place.
Effective Jan. 20, R.M. Jones, secretary and director of the company, has resigned.
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