An agreement has been reached between St. Genevieve Resources and Marshall Minerals whereby St. Genevieve has acquired an option to earn a 30% interest in the contiguous Carshaw-Malga properties near Timmins, Ont., in exchange for $3 million.
St. Genevieve, to earn its interest, must spend $500,000 on exploration work by the end of February, and the remaining $2.5 million by Feb 28, 1989.
Previous drilling on the Carshaw property, the companies report, indicated ore reserves of about 200,000 tons grading 0.2 oz gold per ton, to a depth of 200 ft. Also, limited sampling on the Malga property has indicated values of 0.35 oz over 4.4 ft along 45 ft in an underground drift.
A 500-ton-per-day mill was recently built on the Carshaw property.
Be the first to comment on "St. Genevieve options Marshall property"