Nora Exploration (ME) and partner Placer Dome (TSE) have started a $650,000 exploration program to determine the extent of three gold-bearing zones on the Desjardins property north of Lebel-sur-Quevillon, Que.
Recent drilling within an east-west trending iron-bearing formation returned a number of encouraging intersections including 16.2 ft. of grade 0.40 oz. gold per ton and 10.2 ft. of 0.11 oz.
The three zones remain open at depth, says Nora, which is bidding to fund its 49% share of exploration costs by raising $859,000 via a public issue of units priced at $1,000 each. The units consist of 60% flow-through shares and 40% common shares and the initial closing is set at a minimum of $335,000. The price per share indicated in the prospectus is 40 cents.
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