A portfolio of mineral properties has been put together by Pelangio Larder Mines which will be explored for gold this year, the company says.
President J. A. G. Mortson says the company plans to joint venture as many properties as possible in order to conserve funds while having exploration work carried out by partners.
The company’s most recent acquisition has been made in Hislop Twp., Ont. The property includes an old shaft which was sunk on a surface gold showing near the producing Ross gold mine. Another property in Davis Twp., near Wanapitei Lake, Ont., has also been acquired. The seven claims have been optioned to Golden Hemlock Resources which has the right to earn a 43.7% interest by spending $80,000 and issuing 150,000 common shares to Pelangio.
In the Swayze area, south of Timmins, Ont., Pelangio has optioned a 10-claim property to Stuarton Resources. Previous drilling on two quartz veins cut gold values across narrow widths. Pelangio also plans to explore its 12-claim property near Pickel Lake, Ont. Located in the southwestern section of the Dempster Lake area, the claims host several surface gold showings, the company says.
On Pelangio’s original Larder Lake property near Kerr Addison Mines operation at Virginiatown, Ont., Kennco Explorations has no plans for more exploration. Kennco earned a 100% interest in 1984. Pelangio receives an annual advance royalty of $5,000 from Kennco.
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