Rusalka option agreement amended
New Claymore Resources Ltd NCS
Shares issued 4,165,775 Oct 5 close $0.53
Wed 7 Oct 98 News Release
See Abaddon Resources Inc (ABA) News Release
Mr. David Duval of Abaddon Resources reports
Abaddon Resources and New Claymore Resources have amended the terms of the
option agreement for their Rusalka prospect in the Buffalo Hills/Peace
River area of Alberta. Under the amended agreement, Abaddon has agreed to
expend $60,000 for a first phase exploration program on the property by
Oct. 31, 1998; a further $50,000 on or before Dec. 31, 1998 and the
balance, up to an equivalent of $1.50 per acre, by March 15, 1999.
Furthermore, Abaddon has agreed to issue 50,000 shares to New Claymore by
Dec. 1, 1998 and another 100,000 shares by April 15, 1999. The shares will
be issued in blocks of 50,000 each and are subject to VSE acceptance of a
geological report recommending further work on the property.
The 230,000 acre Rusalka property is 20 kilometres west of Montello
Resources' Legend property which appears to host a possible kimberlite
discovery. An airborne geophysical survey is expected to begin on the
Rusalka property in a matter of weeks and a follow-up program of ground
geophysics and rock geochemistry will be completed shortly thereafter.
These programs should bring the Rusalka property to the drill ready stage
by year end. Kimberlite bodies normally occur in clusters and the Rusalka
prospect is ideally situated to capitalize on any kimberlite discoveries
made on adjoining properties.
The company has commenced an orientation survey on its 220,000 acre Calling
Lake project, 50 kilometres east of Slave Lake, Alta. This preliminary
survey will help determine the scope of program that will include a
$110,000 work expenditure by the end of 1998. |
