Villeneuve Resources has arranged share financings which netted $760,000. The cash will fund exploration programs on properties in Ontario, Quebec and Nevada.
In the Mishibishu area west of Wawa, Ont., Villeneuve controls 34 claims located west of and on strike with the Central Crude and Noranda project on which several gold discoveries have been made. The company plans to begin drilling before April.
Another drill program is scheduled to begin this month on the Benoit-Rochon project, located 20 miles north of Kirkland Lake, Ont. Several high grading grab samples were assayed from trenches near an old shaft.
Near Sturgeon Lake, Ont., the company has optioned a 93-claim property. Sampling of one of several gold showings returned assays up to 1.95 oz gold per ton.
In Nevada, Villeneuve has entered into an agreement to purchase a 100% interest in 10,000 acres covering six properties. Three of the properties are situated within 12 miles of the Sleeper gold mine operated by Amax near Winnemucca, Nev. All the properties were acquired for their potential to host epithermal gold deposits. The company also plans to further increase its exposure to gold exploration in Nevada, President Albert Applegath says.
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