Hard times for Hardrock during funding search

Toronto-based junior Hardrock Extension (TSE) says it is “exploring all avenues” to raise funds for exploration work on its gold property near Geraldton, Ont.

An underground exploration program was planned for the 78- claim property in October this year, but the necessary funding has not been obtained by the company. “Our underground exploration program has been put on hold because we have not yet received our grant from the Ontario Mineral Exploration Program (OMEP) for funds expended in 1988,” says Hardrock President Michael Malouf.

“They (OMEP) recently notified us we will not receive our grants from the 1988 work until next June.”

Meanwhile, the company has acquired two new properties based on a recently released geophysical survey conducted in the Geraldton area by the Ontario Geological Survey.

Eight claims were staked to cover a geophysical anomaly about five miles south of the Hardrock property while another 15 claims were staked over a strong electromagnetic conductor 1.5 miles north of Geraldton. The company plans to carry out a small ground geophysics and diamond drilling program to test the conductor next month.

For the nine months ended Sept 30, Hardrock reported cash totalling $436,247, compared with $736,383 for the same period a year ago.

Expenditures on drilling fell to $7,562 from $904,653 during the 1988 period while office expenses rose to $35,081 from $27,525 a year earlier.

Affiliated companies Geradton Longlac Gold (COATS) and Ferau Resources (COATS) reported cash balances at Sept 30 of $169,968 and $132,533 respectively. The two junior companies hold properties adjoining the Hardrock claims.