Producer Hemlo Gold Mines (TSE) has started drilling on the Sagar-III property in the Labrador Trough region of northeastern Quebec.
The company hopes to identify the source of gold- and uranium-rich boulders previously delineated. A glacial study indicates that the source is fewer than 1,000 metres southwest of the main boulder field.
Hemlo will finance the drilling, which will fulfil its first-year option commitment. The company can earn a half interest from Virginia Gold Mines (ME) by spending $2.5 million on exploration and paying $200,000 cash.
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