New B.C. properties acquired
Cross Lake Minerals Ltd
CRN
Shares issued 29,188,580
1998-07-20 close $0.68
Tuesday Jul 21 1998
Ms. Michele Jones reports
Three new properties (the Lovell, Tenakihi and Lay) totalling 72 units have been acquired by staking in
the area northeast of Smithers in the Omineca mining division of British Columbia.
The claims were staked after results of a B.C. regional geochemical stream sediment and water sampling
survey were released. The Lovell property is 40km north of the Hearne Hill copper-gold porphyry
deposit and covers a multi-drainage basin anomaly high in gold, precious and base metal elements. Both
the Tenakihi and Lay properties are accessible by road, on which a new power line has been
constructed. The Tenakihi claims cover the highest precious metals and accompanying pathfinder
elements such as arsenic, mercury and antimony as well as highly anomalous base metal elements. The
Lay claims cover the second highest precious and base metal element drainage.
The company intends to seek joint venture participation to carry out a program of follow-up stream
sediment, soil and rock sampling and prospecting on these new properties.
Although the Sheraton-Timmins property in Ontario continues to be the company's primary focus, the
company is actively seeking new opportunities with which to diversify and expand its portfolio of
mineral properties.
Further to news in Stockwatch March 27, 1998 regarding the option of the Bowman property to
Pelangio-Larder Mines, the company has received the cash payment of $10,000 and the first tranche of
25,000 common shares of Pelangio. The hold period on the shares expire Dec. 26, 1999. Pelangio is
obliged to spend $150,000 on exploration expenditures on the property before Feb. 28, 1999.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
