Activity increasing in Stewart camp

The historic mining district of Stewart in northwestern British Columbia appears poised for another gold boom.

Several juniors have been active in the region since Lac Minerals (TSE) announced positive results from its Red Mountain property, 10 miles east of town.

Murray Pezim’s flagship, Prime Equities (VSE), can earn a half interest in the 5,375-acre MM 100 and Emperor properties, along the west side of Lac’s Red Mountain discovery. To do so, it must pay $200,000 and issue 100,000 shares to KRL Resources (VSE) over three years, plus spend at least $1 million on exploration by the end of 1996.

Exploration planning is aimed at establishing targets for drill testing in late 1994. The MM 100 and Emperor claims cover a geological setting similar to that of Red Mountain.

Donald McLeod’s Camnor Resources (VSE) is also gearing up to explore a property near Stewart, where, again, the geology resembles that of Red Mountain. The company can earn a half interest in the Willoughby gold project by paying $225,000 to Gold Giant Minerals (VSE) and funding the first $600,000 of exploration.

Camnor has agreed to be operator and both parties are planning diamond drilling for this year. Work by previous owners outlined numerous gold occurrences. Priority will be given to the North zone where previous drilling returned encouraging results, including a hole which intersected 67.25 ft. grading 0.73 oz. gold and 5 oz. silver per ton.

N15