Pathfinder tests Australian property

Up to five holes are being drilled by Pathfinder Resources (PHR-V) at the Tungaberry property in northern Queensland, Australia.

The Vancouver-based company is investigating the potential for a large-tonnage, copper-gold deposit. Geophysical surveys have identified a strong magnetic anomaly intersected by a major north-south structure.

Pathfinder can earn an initial half interest in the 2,000-sq.-km property, which consists of seven exploration permits, by spending A$350,000 by April 1997. A further 15% interest can be earned by spending an additional A$650,000 over the following two years.