A gold property in Garrison Twp., Ont., belonging to Jonpol Explorations (TSE) and T&H Resources (TSE), will be developed and mined by Hillsborough Resources (TSE).
The property, which hosts 1 million tons of ore grading 0.18 oz. gold per ton, is held 64.3% by Jonpol and 35.7% by T&H.
The agreement calls for Hillsborough to develop a mine and ship the ore to a custom mill in return for half of the profits, after recovery of costs.
The area of the agreement covers 26 of the 36 claims held by Jonpol and T&H, down to a depth of 1,000 ft.
Permitting is under way to develop and mine a zone consisting of 200,000 tons grading 0.25 oz. per ton, an estimate based on drilling and underground drifting in the shaft area.
This initial program will enable the parties to estimate the continuity and grade of the other drill-indicated zones on the property.
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