A memorandum of agreement has been signed by two Toronto- based companies, Lencourt Ltd. and Glencairn Explorations, whereby Lencourt may earn a 51% interest in the latter’s Goodfish gold property at Kirkland Lake, Ont., by spending $800,000 on exploration work during the next three years.
The agreement, subject to regulatory approval, calls for Lencourt to spend a minimum of $150,000 during 1988, $300,000 in 1989 and $350,000 in 1990.
Lencourt will act as operator and issue Glencairn 100,000 shares of Lencourt and make a $50,000 cash payment on the first anniversary date.
The property comprises 16 claims in Bernhardt and Morrisette twps. within the town limits of Kirkland Lake, and is accessible by an all- weather road.
Gold was first discovered on the property in 1912 and intermittent exploration was carried out until 1941, Lencourt reports. A number of shafts and trenches were excavated, considerable underground lateral work was done and nine surface holes were drilled. One of the shafts extends to a vertical depth of 600 ft, while another is 350 ft deep.
A program of induced polarization surveys and drilling will begin immediately, Lencourt says. Additional ip and vlf-em surveys will then be carried out over the entire property.
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