Explorco Properties, the wholly- owned subsidiary of Canadian Lencourt Mines has signed an agreement with St. Joe Canada Inc. to acquire a working interest in the Manitou Lake project in northwestern Ontario.
Located 45 km south of Dryden, the project encompasses 112 mining claims on which St. Joe has completed preliminary exploration for gold.
Explorco has agreed to spend $200,000 for drilling on the property this month. During this year and next, Explorco has the right to spend further amounts of $400,000 for exploration. Once a total of $1 million has been spent, Explorco will have earned a 49% interest in the claims.
Two separate mineralized zones have been outlined on the property, which may form one zone 10 km long.
The Reliance Zone is best defined and consists of a shear zone which has been recognized over 3 km in surface exposures, underground and in drill holes. Seven exploration shafts sunk at the turn of the century and 11 drill holes at 50-m and 100-m spacings drilled by St. Joe have outlined the shear zone.
The best drilling results were obtained in two holes which intersected 0.091 and 0.099 oz per ton respectively over 3.2 ft.
The second zone is on Frenchman Island where surface exposures of gold in hydrothermal alteration zones are found in a volcanic tuff. This zone, although less well- defined, will be tested by reconnaissance diamond drill of up to four holes. Drill hole intersections have returned assays of 0.199 oz gold per ton over 4.9 ft and 0.161 oz over 4.9 ft.
The immediate program will consist of up to 1,500 m of drilling mainly on the Reliance Zone, with some work on Frenchman Island.
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