Pan Ocean to acquire interest in four Lac Rocher area
properties
Pan Ocean Explorations Inc
POE
Shares issued 3,031,035
1999-04-13 close $0.49
Tuesday Apr 13 1999
Mr. Brent Jardine reports
The company has received regulatory approval to the four property option
agreements it entered into in February 1999, whereby the company obtained an
option to acquire a 75 per cent interest in four mineral properties in the Lac
Rocher area of Quebec. Under the terms of the agreements, the company will
issue 100,000 shares, pay $25,000 and complete a two year work commitment
comprising $25,000 in the first year and $50,000 in the second year, per
property.
Accordingly, on April 13, the company has issued 200,000 shares to Prospect
Creek Mining Cattle & Timber Company (two properties), 100,000 shares to
455702 B.C. Ltd. (one property), and 100,000 shares to 524520 B.C. Ltd., all
of which shares are subject to a hold period expiring Feb. 22, 2000.
The four properties which total 96 mineral claims, to be known as H1, H2, H3
and H4, are approximately 10 kilometres south, six km southeast, nine km
southeast and 13 km southeast, respectively, from the Nuinsco Resources
discovery drill hole. Nuinsco's nickel discovery is contained within a mafic
intrusive in a gneissic terrane. It appears as a small discrete circular magnetic high
on the flanks of a strong regional magnetic high coincident with the gneiss-volcanic
contact. The properties H1 through H4 each represent discrete bull's-eye
magnetic anomalies within the magnetic trend highlighting the same geological
contact. |
