Noranda Exploration, a unit of Noranda (TSE), has completed eight diamond drill holes on Glimmer Resources'(VSE) joint venture gold property near Matheson, Ont., and is planning 10 more in the current program, reports Glimmer President George Kent. Under an agreement, Noranda can earn a 60% interest by spending $250,000 and paying Glimmer $64,000. But results are not expected for some time because of an assay office backlog and the heavy snow conditions in that area.
With a final agreement now signed with Placer Dome (TSE) relative to the company’s Barnet Twp. property further to the east, drilling there is scheduled to begin within the next few weeks, Kent says.
In the meantime, Glimmer is preparing a preliminary prospectus for some planned public financing in Ontario.
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