Drilling 1 km east of CRN discovery hole.
Another area play. Westmount Resources WTM.V
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Timmins property acquisition, exploration results
Westmount Resources Ltd WTM
Shares issued 2,312,642 Nov 18 close $0.69
Wed 19 Nov 97 News Release
Mr G. Paul Marshall reports
The company has acquired a 100% interest in 48 units in the McArthur
Township area of the Timmins mining district of Ontario. The properties are
to be acquired from Mr Raymond Richard and James Bay Exploration of
Timmins, Ontario. The claims are comprised of 1,920 acres. The rock types
in the McArthur Lake area consist of ultramafic flows with spinifex
textures over a width of 1 1/2 miles.
These formations are intruded by large feldspar porphyry bodies and sill
like quartz diorite intrusives. Mafic volcanics are found south of the
ultramafic complex with a narrow band of felsic volcanics to the north
against the large fluton of grand diorite to the north, intrusive
serpentinites similar to the host rock of the nickel deposit in Bartlett
Township are believed to be present as part of the ultramafic complex. A
reconnaissance program has been completed on the claims with assays having
being relieved from surface samples and one metre diamond saw cuts.
Assays up to 3.275% copper and 2.44 opt silver and 0.34 opt gold from the
quartz veins were reported from assay analysis that was performed at Acme
Laboratories in Vancouver. Chalcopyrite was observed in all the saw cuts
completed, with local chalcopyrite observed in the wall rock without
quartz. Volcanics and brecciated diorite are present in the breccia zone.
The company believes the quartz picked up the copper from rich formations
at depth. The outcropping at the surface is over 30 ft in diameter and is
quartz showing with volcanics.
A second phase work program comprised of detailed sampling, line cutting
and IP surveys will begin immediately with the goal of defining drill
targets for a drill program to begin the week of December 2 1997.
Consideration for the properties is as follows:
a) 110,000 cash payment plus 100,000 shares plus 100,000 warrants at $0.70
upon VSE approval;
b) 60,000 cash payment plus 100,000 warrants at $1.00 on the first
anniversary of closing;
c) 70,000 cash on the second anniversary;
d) 380,000 cash spent on exploration of the properties within three years
of closing; and
e) nsr 2% buyout, 1% for $1.5 million.
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News just came out. They will be drilling 1 km east of the Cross Lake discovery hole.
Company says more news on the area this week.
Can anyone point me to a comprehensive list of companies in the area play? ...and a good map!
Thanks,
NE |
