Edmonton-based Gwen Resources (ASE) has increased its interest to 50% from 25% in a group of 101 gold claims situated in Holloway and Marriot twps., near Matheson, Ont. The remaining half interest in the property is shared equally by Gwen’s affiliates, Perrex Resources (ASE) and Alberta Gold (ASE). The claim group straddles part of the Porcupine-Destor fault zone and Hwy. 101 immediately east of the Holt-McDermott mine owned by American Barrick Resources (TSE).
Gwen is purchasing the additional 25% interest in the claims from a private affiliate for 1.2 million shares valued at 25 cents per share and a work commitment of $100,000 by Dec. 31, 1993. Gwen will also assume a non-interest bearing debt of $7,650 from the private company.
Previous work on the claims by Perrex and Alberta Gold identified several anomalous gold targets for followup drilling. Detailed geophysical and geological programs have already been carried out.
A financing program is currently under way to raise funds for drilling on the 101 claims as well as finance work on the company’s other oil and gravel (aggregate) properties in Alberta.
Gwen has a 20% interest in three shut-in oil wells and a 50% interest in a gravel property situated 16 miles from Edmonton.
The company also holds a 75% interest in 102 claims in Bradette Twp. on the Ontario side of the Casa Berardi gold belt about 10 miles west of the Golden Pond deposit.
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