Queries Spirit recharging

I understand that Spirit Lake has acquired some property in the Wawa area. Please fill me in. D. H., London, Ont.

Not much has been heard from Spirit Lake Exploration since the late 1970s, but it seems that’s all about to change as the company was reactivated earlier this year. Chairman is Charles W. Archibald, who has been involved with the company since the late 1960s, while newly appointed president is Everett A. E. Fagg, a self-employed chartered accountant. Your information about property in the Wawa area is correct. As a result of two separate transactions, the company now holds a 100% interest in 41 claims in Jac obson Twp., about 20 miles northeast of Wawa. The claims host the Edwards mine, which operated briefly in the 1930s. Apparently, the mining was limited and focused on high grade gold stringers. Since that time, no further effort at mining has been made.

However, in a report prepared by an independent consulting geologist, A. D. Hunter, six zones of gold sulphide mineralization were located by previous exploration efforts. Shallow drilling, mainly around the mine area, intersected some values of gold (0.14 oz per ton and 0.20 oz) over various widths. Other old assay data is not available.

To further pinpoint the property, Spirit Lake’s 41 claims are bordered on the east by Cline Development’s property which is currently held under option by Noranda Exploration. On the west of the claims is the Kremzar property being developed by Canamax Resources. And approximately eight miles southwest is the Magino deposit being explored by Muscocho Explorations.

Mr Hunter recommends a major exploration progam of stripping, geophysics , basal till sampling and drilling in excess of $700,000 on the Spirit Lake claims. The company says it is currently negotiating to obtain a major financing to implement this program, expected to start in the new year.

This past summer the company completed a rights offering which raised $58,000. The company is still maintaining its 44 patented claims in the North Spirit Lake area in the Kenora District of Ontario in good standing, though it has no current plans for further exploration on these claims.

Spirit Lake trades over-the- counter at the recent bid-ask price of $1.80 and $2, respectively.