Winslow Gold Corp -
Winslow Gold to acquire three properties in Northern Ontario
Winslow Gold Corp WGC
Shares issued 15,195,395 1999-09-17 close $0.06
Monday Sep 20 1999
Mr. Hughes Salat reports
Continued depressed gold prices for the past two years have compelled Winslow Gold Corp. to become selective on its best exploration targets. As a result, Winslow has had to reconsider its position in remote areas because of the high costs involved with conducting business and exploration in these areas as well as the political risks and difficulty involved with securing financing for gold exploration in the current climate.
Following the last meeting of the board of directors, it was decided to recentre Winslow's activities on Canada and look for opportunities outside the typical gold prospects. Considering present metal markets and world financials, it became apparent that some base metals such as zinc, nickel, and cobalt, as well as specialized precious metals like silver and platinum group elements, have enhanced economic fundamentals for the next few years. It is also recognized that the latest price improvement in the diamond markets warrants a renewed interest in this field.
Winslow has entered into an option agreement with Lake Superior Resources Corp., a private company out of Toronto, to earn in a 100-per-cent interest in three properties for a total of 11,360 acres (2.840 hectares) in the Lawson, Farr and Mickle townships, Northern Ontario. For each of the properties, Winslow will issue 50,000 shares with the possibility of an additional 150,000 shares in three stages dependent on future exploration results. Lake Superior retains the right to a 2-per-cent net smelter return.
The properties are in the Gowganda/Elk Lake area north of Sudbury, which is part of the world-class and historical camp of Cobalt. Mineralization consists of high-graded silver/cobalt veins with nickel and copper associated. Several old operating mines are found within the limits of the properties and many lake sediment anomalies found in the course of a survey carried out by the Ontario Geological Survey warrant further exploration of these properties.
The rich Ag/Co/Ni mineralization is recognized to be associated with the mafic, ultramafic Nipissing sills that intruded Proterozoic sediments. Recent analysis of samples has shown the unrecognized potential for platinum group elements and new models have been developed. This approach has been successfully followed in the area by Pacific Northwest Capital Corp., which has reported significant intersections of platinum group element mineralizations. This company has announced a joint venture agreement on their properties with Anglo-American Platinum Corp. Ltd. of South Africa (MJ, Aug. 13, 1999).
With the more typical Ag/Co/Ni mineralization, Winslow believes that exploration for platinum group element has great potential in light of a strong revival in the base and specialty metals.
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