U.S. firm makes offer to work on Tully Twp. ground

A large U.S.-based mining company has made a firm offer that could lead to the further development of a gold property in Tully Twp., 20 miles northeast of Timmins, Ont., in which Frankfield Explorations (ASE) holds a 36.4% interest, President S.G. Hawkins told shareholders at its annual meeting. It calls for a substantial program “of several millions of dollars,” in addition to payments to the vendors, he said.

This offer is now being studied by Intex Mining (ASE), the operating company controlled by the J.P. Sheridan interests, which holds the remaining 63.6% interest. A decision is expected within the next two weeks, the meeting was told.

The U.S. company has likewise made an offer for the Gowest Amalgamated Resources’ (ASE) ground adjoining on the immediate north, in which Frankfield holds an 18.2% interest. Drilling on that ground over the past two years obtained significant gold values, including one section of 0.19 oz. across 54 ft. at a vertical depth of 1,600 ft.

In addition to its Tully Twp. interests, Frankfield holds the rights to a 10% back-in interest in a 40,000- acre $500,000 exploration play in the Val d’Or area of Quebec by paying 10% of the cost.