Regal Goldfields (REGL:O -- Canadian over the counter) is an
old company recently taken over by a group with plenty of
history in the Canadian resource sector. They have two
properties in Cape Breton with nickel and gold prospects,
and a third property in Ontario. This one is 8,000 feet
away from Falconbridge's Texas Gulf base metal and silver
mine at Kidd Creek near Timmins.
This property was drilled in 1994. They found six feet of
the good stuff and four feet or so of pretty good stuff, but
not equivalent to what Texas Gulf has been hauling out of
the ground for decades with their 2300 strong work force.
The current owners had Fenton Scott, their geologist look at
the 1994 cores. The first thing he said was the dummies
should have stopped drilling in the direction they were when
they hit the six feet and turned their drill around and
drilled in the proper direction. They now expect to start
drilling toward the end of July and expect results mid-
August or so.
Falconbridge is very interested -- everyone thinks there is
another one or two Texas Gulf mines in the Kidd Creek area,
and this is the first drilling to show any promise. The
site is just off the road to the Texas Gulf Mine. Regal has
put up a big sign near the road that drilling will start
shortly. The Regal people expect lots of buying from the
miners and Timmins. As well, Falconbridge executives
supposedly have been buying. And Falconbridge has been
giving Regal lots of help with the drilling program -- I
wonder what's in it for Falconbridge??
Fenton Scott is still involved and Watts Griffis and McOuat
have been retained as consulting engineers and geologists.
The Barnes Group (investor relations) will be putting on a
dog and pony show for the brokers in a week or two, just
before drilling is to start. In other words these guys are
willing to spend the dough on good quality people in all the
necessary areas. And of course they expect to hit paydirt,
or, at the least, to get a strong whiff of something that
will drive the share price up.
As for Regal, it currently sits at about $1.70, down from
$2.50 a few weeks ago. They have a Montreal law firm
working on a Montreal Stock Exchange listing. There are
7,083,643 shares issued (fully diluted, 7,873,643 million)
and about 2.5 million in the public float. However, since it
is an old company, much of the public float has disappeared
(that is, no current address for the shareholders). Their
1996 drilling program is fully financed, and the company has
no debt.
I have contracted to get them up on the web and attempt to
give them an internet presence. I hold a position in the
company. Richard Brissenden, president of Regal can be
contacted at 416-364-1130. Ask for a corporate profile and
any other information you need.
And please share your information on this forum. I'll
update everyone as I receive any tidbits.
Cheers |
