Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Major General--MGJ -- Ignore unavailable to you. Want to Upgrade?

To: Flea who wrote (408)	4/30/1998 6:32:00 PM
From: Ed Pakstas	Read Replies (1) \| Respond to of 1707

**News Release** Proposed Ontario JV Major General Resources Ltd MGJ Shares issued 33,186,119 Apr 29 close $0.49 Thu 30 Apr 98 News Release Mr. Glenn Shevchenko reports The company has signed a letter of intent allowing for a joint venture to be formed with Calgary-based Binary Investments Ltd. on a newly staked gold property in northwestern Ontario. Under the joint venture terms, the company would own a 25 per cent interest in the property with Binary holding the remaining 75 per cent. In order to retain its interest, Binary must spend $1-million in exploration over five years or be diluted on a pro-rata basis. The 57-unit Tonsil-Dobie property is located between Barrick Gold's Golden Patricia mine (800,000 tons grading 0.50 oz/t) and Major General's Dorothy Lake claims (resource of 238,000 tons of 0.162 oz/t). Past exploration on the Tonsil-Dobie property by Lac Minerals/Bond Gold delineated two gold zones with one hosting a resource of 330,695 tons grading 0.15 oz/t gold. The property covers a 6km strike length of favourable splay structures that were generated by the major northwesterly trending Bear Head fault zone. The mineralized zones at both the Golden Patricia deposit and the Dorothy Lake claims are hosted in similar splay structures. An exploration program consisting of line-cutting, geophysical, geochemical and geological surveys is planned for 1998 and will be designed to target high grade gold mineralization along this favourable trend. With its involvement in both the Tonsil-Dobie and Dorothy Lake properties, the company has gained exposure in the 15km of favourable structure that extends northwest from the Golden Patricia mine. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com