North American Rare Metals ME) reports it will be receiving $650,000 from MVP Exploration (1988) and Co. Ltd. Partnership for the issuance to MVP of 755,814 flow-through shares, pursuant to an exploration agreement of Jan 14. An additional 290,698 shares will be issued for $250,000 before June 30. The shares are subject to resale restrictions until Jan 14, l989.
NAR reports that drilling is continuing on its Mattagami area (Casa Berardi) property with two drills on the main zone and a third testing outlying wildcat targets. Drilling during the past year has indicated possible reserves of 1.8 million tons grading 0.18 oz gold per ton to a depth of approximately 1,100 ft. The deposit is still open to depth.
The company also holds a 25% interest in the gold discovery at Pickle Lake in northwestern Ontario adjoining west of St. Joseph Gold Corp.’s gold discovery 40 miles west of the town of Pickle Lake. Partners in the discovery are: Power Explorations (TSE) (25%) and Oksisko Mines (TSE) 50%.
The discovery was made in random drilling of anomalies obtained in ground geophysical surveys. A new program is slated to start in about three weeks and it is expected that North American will increase its interest to 33 1/3.
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