Jamie Frontier Resources (COATS) has optioned its Todd Twp., Ont., gold property to Cherly Resources (VSE). The property is located 15 miles west of Red Lake.
Cherly can earn a 50% interest by making cash payments of $600,000 and spending $2.5 million on exploration by 1990. Work completed by Jamie outlined reserves of 72,500 tons grading 0.4 oz gold per ton. The majority of the reserves are hosted in four vein systems above the 475-ft level and near the No 1 shaft, Jamie says.
A $500,000-first-phase program will test for the strike and downdip potential of the known mineralized zones near the No 1 and No 2 shafts.
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