Glimmer hopes for success on Hislop and Barnet bets

“We look for new properties, option them to the majors and hope that at least one will be successful,” said President George Kent at the company’s annual meeting.

With only three shareholders present, Kent gave a brief outline of the properties that he hopes will put Glimmer’s name on the mining map.

So far, Glimmer has successfully optioned its Beatty/Hislop Twp. property near Ramore, Ont., to Noranda Exploration which can earn a 60% interest by spending $250,000 over the next three years.

Hopes for Beatty/Hislop are predicated on the property’s proximity to Goldpost Resources’ (TSE) Hislop East project where reserves in three zones stand at 733,482 tons grading 0.19 oz gold per ton.

Both properties straddle the Destor Porcupine fault structure which has supported a number of gold mines in the area.

Glimmer is also attempting to vend out its 132-claim Barnet Twp. gold prospect near Matheson, Ont.

Master Gold Inc. had planned to sign a farm-in agreement which would have entitled it to earn a 51% interest in exchange for exploration expenditures of $1.1 million. But it has had trouble arranging the necessary financing and Glimmer is currently talking to other companies about a possible deal.

Toronto-based Canamax Resources (TSE) recently turned the Barnet Twp. property back to Glimmer after making a $250,000 cash payment and spending $400,000 on a 17-hole drill program. Values encountered by Canamax included 0.19 oz and 0.15 oz gold across 6.6 ft intervals. “We think we have got a good property back and Canamax has left us with drillable targets,” said Kent. He has not given up hope that Master Gold will raise the money it needs by a March 31 deadline.

Last summer, Glimmer staked about 19,000 acres acres in the Ross River Yukon area where a number of companies including Canamax are active. Under a joint venture agreement, Imperial Metals Corp. (TSE) can earn a 70% interest in any of the Yukon properties by spending $300,000.

Although no major discoveries were made last year, a number of samples returned anomalous values in gold, silver, copper and zinc, said Kent.

Meanwhile, Glimmer has increased its working capital position to $337,624 from $313,086 last year.

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