Tandem pushing four projects

One of the more active junior issues on the Canadian mining scene today, Tandem Resources is still spreading its wings. In excellent financial shape (cash and marketable securities approaching $10 million), it now has four separate projects under way.

Its joint venture Moss Lake project with Storimin Explorations in Northwestern Ontario has now reached the underground stage, where a 2,600 ft ramp is going down. This has already advanced some 340 ft and should intersect the ore zone within a month.

Excellent drilling results are being obtained in surface drilling at the east end of this ore zone, including 10 ft of 0.39 oz gold at a depth of 560 ft in Hole No 42 and 12 ft of 0.22 in Hole 46.

It is anticipated that $5 million will be spent on this project by the end of February, 1988. In addition to its direct 50% interest, Tandem holds 1,000,000 shares of Storimin.

Tandem also holds a major interest in North American Rare Metals which company holds a 50% interest in an important looking gold discovery 15 miles south of Mattagami Lake in northwestern Quebec. Drilling with two machines continues to enlarge this gold deposit in which it is now possible to see a potential of some 2.0 million tons grading 0.18 oz.

The deepest hole here intersected 19.7 ft grading 0.34 oz, with the deposit open both to depth and on strike to the east. A third rig will be put to work here when available in a drill program that will continue until February. Shaft sinking is being considered as part of the 1988 program.

The company is also pursuing an aggressive exploration program on a 100% platinum-gold concession in the Labrador area adjoining the discovery concession of La Fosse Platinum, which company is planning an early underground program.

Work to date on the Tandem ground has outlined two large zones containing both nickel and copper, the marker mineralization for platinum metals. As well, the company holds an option to acquire a 40% interest in another concession just east of the La Fosse discovery by spending $400,000 by 1990. Sampling of old drill core here has revealed some unusually high gold values which are now being investigated.

Tandem is also drilling on its Fond Lake gold prospect in Northwestern Ontar io where previous drilling has indicated 300,000 tons grading 0.22 oz. Some good gold values up to 0.50 oz over narrow widths have been picked in the current program, but over-all results so far have failed to indicate any significant additions to the previreserve figure.