Junior Lexam Explorations (ME) is exploring within three regions of North America.
In June, the company signed an agreement with BHP Minerals Canada for the joint exploration of Lexam’s Mackenzie gold project in Hope Bay, N.W.T. BHP is to spend $1.5 million on exploration over the next four years to earn a 60% interest. It can earn an additional 15% by preparing a feasibility study within the next three years.
In Nevada, Lexam holds more than 230,000 acres of prospective ground in Elko Cty. Reconnaissance mapping and sampling have been carried out in the Leach Mountains and near the Jackson mine, and drilling plus geophysical work have been performed at the Indian Springs project.
Several drill targets have been defined, which will be tested with 12,000 ft. of reverse-circulation work in 1995.
The company is also pursuing oil and gas targets in Colorado.
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