Fairhaven to earn 30% of Cross Lake's Mortimer property
Cross Lake Minerals Ltd CRN
Shares issued 31,877,109 Apr 23 close $0.40
Mon 26 Apr 99 News Release
Also Fairhaven Resources Ltd (FRH)
Ms. Kristina Kalmet and Mr. Naren Majithia report
Cross Lake Minerals has agreed to grant Fairhaven Resources the right to
earn a 30 per cent interest in the Mortimer property, comprised of six
mining claims (96 units) in Mortimer Township, Larder Lake Mining Division,
Ont., 75 kilometres northeast of Timmins.
In order to earn the interest, Fairhaven must incur $60,000 in flow-through
expenditures on the property. Cross Lake will act as operator and carry out
a diamond drilling program of approximately 700 metres, which must be
completed by July 31, 1999.
The program is planned to test several coincident airborne electromagnetic,
ground horizontal loop electromagnetic and induced polarization anomalies.
These are very attractive targets for base or precious metal mineralization
and work is expected to commence within two weeks.
The first phase of 1999 drilling continues on Cross Lake's 100 per cent
held Sheraton-Timmins property, 60 kilometres south of the Mortimer
property, and will be followed by borehole pulse EM surveys. This program
is expected to continue until early May.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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