With junior mine financing made vastly easier these days, and interest in gold mining now at a high pitch, many of the long-dormant mines and properties are being given another chance. This includes the Heenan Senlac Resources — Getty Resources joint venture ground at Red Lake — 27 well-located patented claims adjoining Dickenson Mines on the northeast that were formerly known as the Alexander Red Lake.
Under the latest deal, Vancouver- based Paget Resources has been granted the right to earn a 33 1/3% interest in this property by spending $1 million on exploration over a 4-year period.
In addition, Paget will issue 50,000 of its treasury shares each to Getty and Senlac, and an additional similar number at the time of any production decision.
New deep ore findings at the Dickenson have unquestionably enhanced the chances of finding ore on the Alexander ground.
“The goal of the 1987 exploration program to be funded by Paget is to explore, principally by deep drilling, for the postulated extension of the banded sulphide-rich gold ore present in the A.W. White mine (Dickenson), according to Theodore Panchuk, secretary.
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