Canhorn options Gem Lake claims

Canhorn Mining Corp. has optioned its Gem Lake property to Mutual Resources. The Gem Lake ground is located in the Rice Lake area of Manitoba.

Mutual, which is an affiliate of Teck Corp., has the right to earn 50% of Canhorn’s interest in the claims by spending $1 million on exploration over a 3-year option period. Manitoba Mineral Resources, a provincial company which holds a minority interest in three of the claim blocks, must consent to the Mutual-Canhorn agreement.

A target area on the Gem Lake claims is the Diana mine, a former gold producer. Exploration work completed in 1986 located quartz veins bearing visible gold. Also, several quartz vein-filled shear zones carrying anomalous gold values, were discovered on the property, Canhorn says.