Alberta-listed Jilbey Industries has acquired an option to earn a 50% interest in two large blocks of gold exploration claims: one in the Larder Lake and one in Sudbury area of northern Ontario.
The 25-claim block near Larder Lake is located in Alma Twp. Three holes have been drilled here so far. One intersected 8 ft grading 0.095 oz gold per ton and another cut 1.5 ft of 0.26-oz-gold-per-ton material.
Jilbey can earn a 50% working interest by spending $150,000 by June 30, 1989.
The second property is in Davis and Scadding twps., near Sudbury. Jilbey can earn a 50% interest in these 30 claims by spending $250,000 by June 30, 1990.
To finance work on Jilbey’s Fontana joint-venture project near Amos, Que., the company has arranged flow-through financing totalling $300,000 at a price of 56.1 cents per share.
Total probable and possible resources on that property, in six separate vein structures totals 968,000 tons grading 0.165 oz gold per ton, according to Jilbey.
A headframe has been erected over the existing shaft which is being dewatered.
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