Oasis, Messeguay earning interest in Joubi property

An option to acquire a 49% interest in the Joubi property at Val d’Or, Que., has been obtained by Oasis Resources and Messeguay Mines from Western Quebec Mines.

The agreement, subject to regulatory approval, calls for Oasis and Messeguay to spend $7.5 million before February, 1989, to earn their interest. The two companies will earn a 15% interest by spending $4 million by February, 1988.

Reserves on the property, indicated by drilling to the 230-m level, stand at 170,730 tonnes probable and 123,440 tonnes possible, grading 5.82 g gold per tonne. This tonnage is the total of three sub-parallel zones, 4-to-8 m apart, containing about 65 intersections of up to 8.54g over 8.5 m and averaging 5.8 g over 2.5 m.

Planned is a shaft to the 250-m level, development work every 50m and about 20,000 m of underground drilling. Underground work will start in the spring.