Lenora options 61 claims near Larder Lake

Encouraged by recent results from a diamond drill hole, Greater Lenora Resources (TSE) has signed an option agreement on a 61-claim property in Rickard Twp., near Larder Lake, Ont.

The company is also acquiring more ground in Rickard and adjoining townships.

Lenora says a prospector, using grants from the Ontario Prospector Assistance Program, intersected base metals in a favorable volcanogenic setting on the optioned property.

Abundant silicification and less extensive chlorite alteration associated with the base metals make the volcanogenic massive sulphide model even more plausible, the company says.

Greater Lenora can earn a 100% interest in the property by paying a total of $240,000 and 100,000 shares of Greater Lenora over a 4-year period. The prospector retains a 2.5% net smelter return and would receive 100,000 additional shares if the property reached production.