While the focus of Heenan Senlac Resources (TSE) is currently on oil and gas developments in Saskatchewan because of the rapid cash payback, it is still very much involved in mineral exploration and is currently drilling a promising platinum-paladium situation in Ontario’s Lac des Iles area.
Revenues from oil and gas sales for the past year amounted to $783,234. With more wells now coming on stream, cash flow from this source is rising smartly and currently running about $85,000 monthly. And by year-end this is expected to be in the range of $100,000-$125,000, President George B. Heenan told the annual meeting.
The meeting was told that CME Capital Inc. (TSE) has just reported “a significant oil discovery” in the Pinto area in which Heenan holds a 7.8% interest and that CME and partners have now acquired a full section of land offsetting that discovery well.
Heenan holds three separate mining claim groups in the Lac des Iles area, all of which were covered by a detailed helicopter geophysical survey early this year. Two of these are deemed favorable for platinum mineralization while the third group (154 claims) is considered a gold prospect.
Follow-up drilling is now under way on the Wakinoo Lake platinum group which it holds under option from Madeleine Mines (TSE) and in which Heenan can earn a 60% interest. At least nine exploratory holes are planned here.
Heenan retains a 23.5% interest in 27 patented gold claims adjoining the Dickenson mine at Red Lake, for which it is currently considering a farm-in arrangement for further work.
Some further geophysical work and drilling will also be carried out this year on a uranium prospect in Saskatchewan in which the company holds a 17.6% interest.
Be the first to comment on "Heenan drilling for platinum"