Norad Resources (ASE), the former and long dormant Knutson Mining Corp. which dates back to 1937, has raised $500,000 for an active exploration program.
The company, which retains its original McRae-Ritz gold property in the Larder Lake area, has acquired five other gold prospects — two in the Dryden area of Ontario, two in Quebec’s Chibougamau area and one in Duparquet Twp., Que.
Exploration work is already under way on the Chibougamau properties where geophysical surveys are outlining targets to be investigated by diamond drilling, reports President K Sethu Raman.
Geophysical surveys are also being completed on the Larder Lake property near the main Cadillac- Larder Lake break, with trenching and sampling about to start. Early exploration here by the predecessor had turned up three interesting looking gold bearing quartz- carbonate zones.
Norad’s shares were called for trading on the Alberta Stock Exchange Sept 29. There are only 1,600,000 shares outstanding, including 99,650 under escrow and the recent sale of 1,000,000 treasury shares.
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