Jascan Resources (TSE) has optioned its Dawson property in Colorado to Uranerz, a West German mining company. Under the terms of their option agreement, Uranerz can earn a 75% interest in Jascan’s Dawson claims by paying US$325,000 in cash and spending US$4.25 million in exploration by Dec. 31, 1992. The Dawson property encompasses 6,000 acres of land four miles west of Canon City, Colo. Drilling by Jascan has outlined 465,000 tons grading 0.24 oz. gold per ton. These reserves occur in two zones, the Windy Gulch and the Dawson zones, which host 60,000 tons and 405,000 tons respectively.
The 2,000-ft. area between both deposits remains to be drill tested. Uranerz will become the project operator and will begin a drill program this month.
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