Hemlo, Northfield strike option deal (June 08, 1992)

Toronto-based Hemlo Gold Mines (TSE) has entered into a letter of intent to option the Bear Lake gold project near Kirkland Lake, Ont., from Northfield Minerals (TSE).

Under the terms of the letter, Hemlo must spend $2 million on the 26 patented claims over a 4-year period and pay Northfield $250,000 to earn a 50% interest in the project.

The property lies between the Cheminis and Kerr gold mines along the Larder Lake break. Hemlo also has an option agreement on the Omega property, immediately west of Cheminis, and has recently entered into a letter of intent to option a 10-claim group two miles west of the mine.