Companies continue to acquire interests in the Horwood Twp. area, 95 km southwest of Timmins, Ont., following the discovery of a surface gold showing by Morgain Minerals (VSE).
An option on a 6.9-sq.-km. package in the southwestern part of the township has been dealt to Strike Minerals (CDN) by Timmins-area prospectors George Fournier and Frank Renaudat.
The showing is north of the Orofino gold deposit and 9 km northwest of the new Lalonde-Ross showing. The prospectors report that grab samples at surface showings have assayed from 0.02 to 1.5 oz. gold per ton.
To acquire the property, Strike Minerals has committed to spend $350,000 on exploration over the 4-year life of the option agreement. The prospectors retain a 3% net smelter return interest, and Strike may buy out a 2% interest for $1.5 million.
Among other companies in the area, Tandem Resources (ME) and Goldhunter Explorations (ASE) have performed some initial trenching on their property, east of the Lalonde-Ross showing.
Also, Morgain Minerals has completed a grid over the Lalonde-Ross showing and started a combined magnetic and very-low-frequency electromagnetic survey. Induced-polarization surveys are expected to start shortly, and drilling is to begin before the end of November.
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