Exploration Miniere du Nord (ME) says it is planning a rights offering to finance exploration on its Lozeau and Isle-Dieu properties east of Matagami Lake, Que. The Amos, Que., company owns about 3,200 acres in Isle-Dieu Twp. and about 3,000 acres in three non- contiguous blocks in Lozeau Twp.
Under the offering, Minieres du Nord’s registered shareholders will be entitled to subscribe for treasury and flow-through shares at 20 cents a share for a maximum of $747,000.
About $600,000, representing the flow-through portion, would be spent to determine the continuity of zinc-rich and copper-rich mineralized zones on the Lozeau Twp. properties.
It is also planning to check the new Olga Lake regional structure discoveries announced recently by SOQUEM, the Quebec government’s exploration arm, and partner Equity Silver Mines (TSE). Values reported from Olga Lake run as high as 0.15 oz. gold per ton over 19.7 ft.
Pending regulatory approval, Minieres du Nord says it will make a formal offering to all its shareholders May 18. The company’s annual report and financial statements are also expected to be sent to shareholders prior to the company’s annual meeting in Amos, June 25.
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