A new gold showing has been located on New Beginning’s (VSE) 51-claim University River property in the Mishibishu area of northwestern Ontario. Recent grab samples taken from a 20-ft-wide shear varied from 0.017 to 2.35 oz gold per ton. The mineralized zone can be traced for 150 ft before it disappears north and south under thick overburden. A crew is now hydraulic-power-stripping and trenching the zone. Further results will be published as soon as available, the company says.
La Sarre Mining (ME) reports it has reached agreement with Jacqueline Macleod whereby the former has the right to acquire 30% of the common shares of Solbec Mining Exploration, which owns 250,000 shares of Poirier Mining Exploration and which will receive an additional 250,000 shares of Poirier by May 26, 1990. If the Poirier copper-zinc property (located in Quebec’s Poirier and Joutel twps.) goes into production, Solbec will receive an additional one million shares. Solbec also holds a 2.5% net smelter return royalty on this property.
The Quebec mining group Ariel has announced a corporate restructuring plan involving four of its companies, all of which are listed on the ME: Sphinx Exploration and Aumine Exploration will merge into one entity, as will Mimiska Exploration and Minaki Exploration. Shareholders of the four companies will vote July 18 on the double merger.
A new company, AXR Resources (ME & VSE), has been created through the amalgamation of Argentex Resource Exploration and Sholia Resources. Argentex shareholders will receive one common share of the new company for each Argentex share, while Sholia shareholders will receive one AXR share for five Sholia shares.
Quebec Crown corporation Soquem and Aurtec Mining (ME) have entered into a joint venture agreement on the former’s Jordan property located in Sutton and Frelishburg twps. in Quebec’s Eastern Twps. Aurtec may earn a 50% interest in the property, on which rutile (a titanium-bearing mineral) has been identified, by spending $300,000 on exploration and development work by June 30, 1990.
Ware Resources has changed its name to World Enzymes Ltd. (WEZ:VSE) on a share-for-share basis.
Raleigh Resources says it has entered into an agreement with J. Appelby Securities in which Appelby will buy 350,000 Raleigh common shares for an aggregate consideration of $210,000.
The proceeds will be used to develop Raleigh’s Eagle Lake mining claims near Kenora, Ont.
Tarron Resources Ltd. has changed its name to Tarron Industries Ltd. on a share-for-share basis.
Highland Valley Resources has changed its name to Loki Gold Corp. (LKI:VSE) on a share-for-share basis.
Jewel Resources has changed its name to Wkay Resources Inc. (WKA:VSE) on a 1-new-for-2.5 old share basis.
Genesis Resources Corp. has changed its name to Golden Exodus Ventures Ltd. on a 1-new-for- 2-old share basis.
Be the first to comment on "News in Brief (July 18, 1988)"