Much exploration work is now under way on Newfoundland’s Baie Verte peninsula with interest building, Walter Sharpe, president of Sharpe Energy & Resources, told The Northern Miner on his return from an extensive field trip through that area.
That company holds some 300 claims in the Ming’s Bight sector, close by Noranda ground on which a significant-looking gold discovery has been made. The latter has a heavy exploration program under way, as has Flanagan McAdam Resources.
The Sharpe company itself has just completed the first phase of its own exploration program, consisting of reconnaissance prospecting, geological mapping, the cutting of 30 miles of survey control lines and the taking of 3,159 soil and rock samples. That work, which cost $130,000, has identified two areas with strong gold and silver values.
These two targeted areas will now be subjected to a more detailed program that will include both magnetic and vlf electromagnetic surveys. Cost of this phase is estimated at an additional $120,000. Diamond drilling will likely follow.
Funding for the project is being provided by HSK Minerals (40%), Joutel Resources (40%) and Share Mines and Oils (20%). On completion of this second phase of work and the expenditure of $250,000, these funding companies will have earned an aggregate 25% interest in the property. And if they spend $500,000, this will increase to an aggregate 50% interest.
The shares of Sharpe Energy are listed on the vse.
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