Moss-Power group drilling gold bets

The Moss-Power group of companies will have at least five drills busy this winter on four of its gold properties in northwestern Ontario, says Harry Hodge, president of Moss Resources (ASE) and Power Explorations (TSE). Drilling commenced this month on the Neawagank Lake property with joint-venture partner Santa Maria Resources (TSE). Initial drilling is focusing on the definition of two gold zones discovered during last winter’s program. One drill is currently on the property, where a 5,000-ft program consisting of 12 holes is under way, Hodge says.

On the Opapimiskan Lake property, a 4,500-ft drill program funded by Ravenroc Resources (VSE) is focusing on further delineation of three potentially economic gold- bearing zones. One drill is currently on the property and results are expected in early 1989. Ravenroc is a subsidiary of Prime Capital.

Two drill rigs are working on the Ohman property in the Pickle Lake area where summer exploration discovered at least two gold-bearing zones which trend for about eight miles. This work is being funded by joint-venture partner Champion Gold Resources (ASE).

In the new year, two drills will commence a 15,000-ft program on the Randall Lake property in a joint venture with Guinness Gold Resources (ASE). Guinness is required to spend $2 million dollars over three years to earn a 50% interest.

Hodge says negotiations are continuing with several major companies showing interest in the Karl- Zeemel and Kasagiminnis Lake properties, two of the group’s more advanced bets. Successful conclusion of these negotiations is anticipated in time to run winter drill programs.