News in Brief (October 17, 1988)

Rojoll Explorations has changed its name to Morrison-Grey Enterprises Ltd. (MGP:VSE) on a sharefor-share basis.

A drill program completed on the Big Trout Lake platinum property has returned encouraging platinum values, International Platinum Corp. (TSE) says. Located in northwestern Ontario, the Big Trout Lake complex hosts a chromite layer which has been traced for 3.6 miles.

A program of 11 holes tested sections of the layer which yielded assays up to 0.28 oz platinum group metals per ton across 6.7 ft. A platinum-palladium ratio is not provided. Of the 11 holes completed, eight intersected the chromite layer.

Next year, the company plans to complete a $700,000-drill program which will attempt to block out reserves in one of the most promising zones.

COATS-listed Exxeter Resources has acquired a 100% interest in two mining properties consisting of 28 contiguous claims bordering the northern boundary of the company’s Vauquelin Twp., gold property in northwestern Quebec, the latter property hosting reserves of about 311,431 tons averaging 0.142 oz gold per ton. With the new property, Exxeter has doubled its holdings in the township.

An agreement concerning certain mining properties in the Randsburg area of southern California has been signed between DRX Inc., and Echo Bay Mines. The signing of the agreement follows a letter of intent exchanged between the two companies in August. The letter provided for DRX to have options to enter into a joint venture or alternative arrangements on or before Oct 31. The definitive agreement stipulates a new date of Nov 14, for the expiry of these options.