Jonpol encouraged by drilling at joint-venture Garrcon bet

Encouraged by drilling results at the Garrcon gold property in Garrison Twp. in northeastern Ontario, Jonpol Explorations President John Pollack is optimistic a decision will be made to go underground in the not-too-distant future.

Jonpol has a 49% interest in the project; its joint-venture partner, Cominco Inc., controls the remaining 51% and is project operator. The two companies are currently involved in a $2-million, 2-year exploration program. To facilitate the drilling work, a permanent core-handling facility is to be built on the property.

Recent assay results from two holes were released at the Jonpol annual meeting: hole No 41 intersected 0.38 oz gold per ton across 10.2 ft, between 269 ft and 279.2 ft, and hole No 45 intersected 0.13 oz across 10.2 ft, between 1,013 ft and 1,024 ft.

Drilling has revealed five mineralized zones on the property, located 28 mi east of Matheson. The Munro zone has been the joint venture’s recent drilling target; it is estimated the Munro zone is 250 ft long and 10 ft wide, grading about 0.25 oz.

Jonpol earlier this year completed a flow-through arrangement worth up to $1.25 million with nim Resource — 1987.

Immediately east of the Cominco-Jonpol joint venture, Jonpol and Coastoro Resources are involved in a joint venture. Coastoro may earn a 45% interest in the 17 claims by spending $1 million over a 4-year period. Drilling has identified a gold-bearing zone on the property.

Immediately west of the Garrcon project, Jonpol may earn a 50% interest in nine claims owned by T & H Resources by spending $200,000 on exploration work before Dec 31 1987.

The company is involved in a number of other exploration projects in northern Ontario, northern Quebec and New Brunswick.

Jonpol, which recorded a deficit at the end of its 1987 fiscal year (April 1, 1986-March 31, 1987) of slightly more than $2 million, reported a reduction in the deficit to $1.98 million at the end of the first quarter (to June 30) of the 1988 fiscal year. Cash and term deposits at the end of the 1988 first quarter totalled $99,396.

Shares of Jonpol were recently trading on the tse in the $3 range. A Jonpol-controlled company, Northway Explorations, was recently listed on the tse.