Underground program for Tully project Frankfield-Intex

A follow-up development program, expected to cost upwards of $3 million, is getting under way at the Tully Twp. gold property of Frankfield Explorations (ASE) (36.4%) and Intex Mining (ASE) (63.6%) in the Timmins area, including un derground work.

Surface drilling on this 22-claim property in previous years indicated significant gold values in two separate zones with a combined tonnage of 300,000-400,000 tons grading approximately 0.25 oz. Frankfield is committed to a pro-rata participation in the early phase of this program and is now adequately funded to continue if warranted, O. F. Carter, that company’s president, told its annual meeting.

A 7-mile road is now under construction for better access, with the initial on-site work calling for a further 5,000 ft of drilling on the Frankfield zone prior to putting down a decline.

The West zone, which will likely be an open pit operation, lies 1 1/2 miles away.

Frankfield’s financial statement as of March 3l shows $264,767 cash on hand, with management now negotiating new flow-though financing for upwards of $1 million.