Private funding for Kenora prospect

A private company from Alberta has agreed to raise the financing required to begin advanced exploration on Kenora Prospectors and Miners’ (CDN) gold prospect in northwestern Ontario.

In return for an interest in the property, Nikhanj and Associates has agreed to dewater and bulk sample the old workings over two years and pay KPM $75,000. With a further payment of $100,000, the Alberta company can extend the agreement period for another year.

The Shoal Lake property hosts a preliminary reserve of 1.23 million tonnes grading 9.62 grams per tonne.

Pending a positive feasibility report and a further payment of $150,000, Nikhanj has the right to finance the project to production and buy out KPM’s interest for $3.5 million.