Almaden Resources will be taking a shot at Steep Rock Resources’ Kin g Bay gold property located on the shores of Sturgeon Lake, Ont. Almaden has the right to earn a 100% interest in the property by spending $70,000 on exploration before Sept 15, 1987. Almaden must also make cash and stock payments to Steep Rock of $300,000 and 100,000 shares respectively. Steep Rock maintains the right to buy back a 25% interest in the project. The Almaden effort will not be the first time a company has explored the property. In 1983, a staking rush was sparked in the Sturgeon Lake area by Steep Rock’s announcement of a gold discovery at King Bay. Follow-up drilling failed to intersect economic gold mineralization and Steep Rock ended exploration of the property.
In 1984 Hudson Bay Exploration and Development optioned the property, drilled 4,906 ft and dropped the option. Falconbridge Ltd. came on the scene in 1985. Following another exploration program, Falconbridge also terminated its option.
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