Onitap’s Goldboro optioned to Orex

Ressources Orex has completed an option agreement giving the company the right to acquire a 50% interest in the Goldboro gold property by spending $6 million and completing a feasibility study. Located in Nova Scotia, the Gold- boro property is controlled by Onitap Resources.

Orex will earn a 25% interest by spending $6 million on exploration by June 30, 1989. An additional 25% can be acquired by completing a feasibility study by the end of 1990. If Orex requires an extension in order to finish the feasibility report, the additional 25% can be earned after the company spends another $4 million.

A $1.5-million drilling budget has been allocated for the project which will fund drilling on a 25-m spacing. This, Onitap feels, will outline drill indicated reserves in three zones. Another $4.5 million will fund the deepening of the Boston Richardson shaft to 850 ft. The partners also plan to drift on the 400-ft, 600-ft and 800-ft levels.