Texmont to earn 50% of Gowest property (March 21, 1988)

Explorations of Toronto an option to earn a 50% interest in a 14-claim property in Tully Twp., 40 km northeast of Timmins, Ont.

Under an agreement, after New Texmont has spent $400,000 within one year to earn a 50% interest, Gowest and International Romex Resources will retain 41.5% and 8.5% respectively in the property.

Subsequent work will be financed by both New Texmont and Gowest, according to Gowest President Ronald Bradshaw.

Since a 120,000-ton deposit averaging 0.22 oz gold per ton lies along the boundary separating Gowest and New Texmont property, immediate work calls for a drill program designed to expand those reserves.

The partners are also contemplating driving in a 1,200 ft ramp from an outcrop on the Gowest property to develop the boundary deposit. But Gowest says it would not be responsible for financing the project.

However, Gowest would still be able to use the facility.