Locator off and running with cash and drilling projects

Newly listed Locator Exploration, headed by well-known geologists Edward Thompson, David Rogers and William Hill, is off and running with more than $400,000 in its treasury and drilling under way on one of its properties.

Duration Mines, a company with the same management, is drilling Locator’s 55-claim McVicar Lake property near Pickle Lake, Ont. Duration has the right to earn a 60% interest in the ground by spending $300,000 before the end of 1988.

Locator has the right to earn a 40% interest in Duration’s Norton Lake project located 120 miles east of Pickle Lake, near Fort Hope. The property covers a major iron formation trend displaying gross similarities to iron formation-associated gold deposits at Dona Lake and Pickle Crow, both near Pickle Lake. Locator can earn its interest by spending $400,000 on exploration. Drilling will start as soon as equipment becomes available, the company says.

The company is also negotiating a joint venture deal with Duration on the latter company’s Theresa gold property near Geraldton, Ont. Previous development on the Theresa property included a 1,000-ft shaft and five levels to 750 ft. The property has remained idle since 1953.