Drills are turning on ground 1 km west of the Lightning zone in northeastern Ontario.
The property is 40%-owned by Teddy Bear Valley Mines (CDN), 36% by Hemlo Gold Mines (TSE) and 24% by Freewest Resources (TSE).
The 1,650-metre program is budgeted for $125,000. Results from the three surface drill holes are expected early next year.
The companies are partners in the nearby Holloway project, which includes the Lightning zone, 65 km north of Kirkland Lake.
Hemlo, Holloway’s operator, expects to complete a feasibility study by the end of January. Construction could begin as soon as February, with the first revenue anticipated in 1995 or 1996.
Teddy Bear and partners hope to raise as much as $60 million for the capital costs of developing Holloway. Reserves total 5 million tonnes averaging 8.48 grams gold per tonne.
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