Portfield Industries of North Bay has optioned a 57-claim property in Sandra Twp. near Beardmore, Ont., to Bay Resources.
Bay can earn a 70% interest by spending $600,000 by early 1988. About $200,000 will be spent on exploration by the end of February, 1987. The property is located about 10 km southwest of Knox Lake where Metalore Resources made a significant gold discovery earlier this year.
On ground optioned from Nodaden Resources in Pifher Twp., Portfield has started a first-phase drilling program. Chip samples have returned values of 0.4 oz gold per ton across 8 ft, according to President Eric J. Plexman.
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