Locator options Theresa property

Locator Resources has acquired an option to earn a 50% interest in the Theresa gold property near Geraldton, Ont. The 18-claim property was partially developed from 1948-1953 by three shafts to a depth of 1,000 ft. After producing 4,875 oz of gold from 26,000 tons of ore, the mine went bankrupt.

Duration Mines, which shares the same management with Locator, holds the remaining 50% interest. The partners plan to perform a geophysical survey followed by drilling and surface stripping. A priority area is near shaft No 1 where gold mineralization averages 1.1 oz per ton across a 2.5-ft width striking for 120 ft. The vein has been traced for more than 2,000 ft.