Michele Gold seeking funds for three drilling programs

VSE-listed Michele Gold Mines is attempting to raise funds for exploration on three properties, all in Ontario.

The company has an option to earn a 49% interest from TSE-listed Cathedral Gold Corp. in a gold property known as the Addington property. It is located only 120 miles east of Toronto near Kaladar, Ont.

Early results from a 16-hole program there this spring has returned values as high as 0.66 oz gold per ton in three contiguous intersections totalling about 7.8 ft, according to President John Sadowski.

The deepest intersection in that program was about 280 ft.

“The program has confirmed that the mineralizated horizon is more structurally complex than previously realized,” Sadowski says. A preliminary ore reserve should be available shortly.

Proven and probable reserves, calculated from previous work, total 318,000 tons averaging 0.16 oz.

Michele also intends to commence drilling on its Ore Chimney property which is located 10 miles from the Addington bet.

The third exploration property slated for work by Michele is a 46-claim, lead-zinc-silver property located about 65 miles northeast of Red Lake, Ont. Michele acquired an option on the property — known as the Loydex property — late last month.

Previous work returned values of 3.5% lead, 11.6% zinc and 3.25 oz silver per ton, according to the company.

The agreement allows Michele to acquire a 100% interest for $50,000 and 100,000 shares.

The company has about 4.3 million shares issued of which 375,000 are escrowed. The shares traded this week on the VSE at about 18 cents .