Recently you described Operation Wawa. It was of interest to me as I hold stock in Watson Lake Mines which has a large claim between Sault Ste. Marie and Wawa, Ont.
I have been through the last year and a half of The Northern Miner in an effort to find out just where the company’s property is. Any information would be appreciated. K.F., Hubbards, Nova Scotia
The main asset of Watson Lake Mines is the Jardun lead-zinc- copper-silver-gold property in Jarvis and Duncan twps., 12 miles northeast of Sault Ste. Marie, Ont. The last work completed by the company included 4,870 ft of diamond drilling in 1984 which tested five zones on the 84-claim property.
Based on this and other work, the former producer is believed to host 57,000 tons grading 5.8% combined lead-zinc and 2.1 oz silver per ton in one zone to a depth of 500 ft.
A company spokesman tells The Northern Miner that a rights offering, expected to raise $200,000, will be completed in the immediate future. The funds will be used to start an exploration program on the claims this year. As gold is of most interest to junior companies today, the property will no doubt be examined for its gold potential.
Watson Lake trades on the coats 001system. The most recent bid-ask price was 25 cents and 40 cents respectively.
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