Kingswood may earn its interest in the property, adjacent to the Orenada property of Aur Resources, by spending $1.25 million over four years. Previous exploration has identified two zones.
Mid-Canada is in the process of amalgamating with two associated companies, Abitibi Resources (ME) and Pionnier Resources (ME).
Meanwhile, Kingswood reports completion of a 14-hole drill program on its Devon property near Matheson, Ont. Among the better results were 0.35 oz gold per ton over 2 ft, 0.31 oz over 10 ft, 0.25 oz over 18.5 ft and 0.97 oz over 4 ft.
The company reports discovery of a new shear structure 50-100 ft wide at an approximate 60 degrees angle to the property’s quartz system; the shear structure has been extended over a strike length of 2,000 ft. A drilling program worth $2 million has been recommended.
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