News in Brief (June 19, 1989)

The price per unit is $11.75. One complete warrant entitles the holder to purchase one share for $12.25 by Dec 17, 1990.

The Canadian Continental Drilling Program (CCDP) will hold a meeting at the Earth Science Centre of the University of Toronto on Aug 28 and 29. The meeting will consist of a report on the CCDP’s pilot drilling project near Kapuskasing, Ont., and a discussion of the 5-year plan for continental drilling in Canada. New proposals will be entertained and reports from other national continental drilling programs will be heard.

For more information contact Malcolm Drury at (613) 788-4395 or James Hall at (902) 424-6510.

Calgary’s Kelmet Resources has raised the necessary money to begin a 3,000-ft drilling program on its Walsh Lake gold property near Yellowknife, N.W.T.

The drilling will focus on one of the nine known mineralized zones on the property, the Sam Otto zone, where sampling has revealed gold values of 0.25 oz per ton from a quartz-carbonate-arsenopyrite mineralization. The zone has been traced along a strike length of 1,900 ft and is 15-60 ft wide.

The 6,000-acre property is three miles north of the Giant Yellowknife mine.

Kelmet will also carry out mapping and geophysical work on its Mos and Les 6 claims, also at Walsh Lake.

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