Petro Plus builds new team, eyes gold and diamond projects

Shares of Petro Plus (ASE) have resumed trading, following submissions to the Alberta Stock Exchange by the company’s new management.

The company will continue in its oil and gas business, while, at the same time, exploring for gold and diamonds.

The company has acquired 40 claim blocks, with a total area of 160 sq. km, in northern Saskatchewan, where it intends to explore for gold. The holdings include the Anglo-Rouyn property on Lac La Ronge, 34 km northeast of La Ronge, Sask., which produced 67,622 oz. gold between 1966 and 1972. Petro Plus has also acquired 47 claim blocks, with a total area of 600 sq. km, in the Big Sandy Lake area, 120 km southeast of La Ronge, and plans a diamond exploration program.

Currently, the company is drilling on its Devil Lake gold property, 75 km northeast of La Ronge, where four holes intersected core lengths of 1 to 2 metres with grades ranging from 2.4 to 13.4 grams gold per tonne. Shorter intervals of higher-grade mineralization were contained in those intersections.

Petro Plus has also acquired an option on a 672-hectare property in Horwood Twp., about 95 km southwest of Timmins, Ont. The company plans linecutting and geophysical surveys before break-up. It must spend $200,000 on exploration over the next three years to earn ownership, subject to a 3% net smelter return.

The land holdings in Saskatchewan have been folded into Petro Plus by two new directors, Urban Casavant and Randy Studer. Casavant will serve as president of the company. The new management plans to obtain shareholder approval for modifications to the share structure and for a name change to Hunter Bay Exploration.