Having raised $500,780 via a non-brokered private placement of flow-through shares and warrants,
The financing consisted of 73 units comprising 14,000 flow-through shares priced at 49 apiece and 7,000 warrants exercisable at 75 per share for a year after closing. Proceeds will be added to the $497,700 raised through a non-brokered private placement in mid-December 2002.
Drilling will test several geophysical anomalies identified by ground magnetic and induced-polarization surveys.
In all, the Thorne property comprises 411 mining claim units, five patented mining claims and one mining lease. These are in Bristol, Thorneloe, Denton and Carscallen twps. Parts of the property are subject to net smelter return royalties ranging from 2% to 3%, or a 10% net profits royalty. Some of the royalties require payment of annual preproduction royalties currently totalling $11,165.
In early 1996, Band-Ore discovered the Golden River zone at Thorne as a result of drilling two holes. The holes returned 2 metres grading 10.6 grams gold per tonne and 18.3 metres grading 8.7 grams gold.
After spending about $6 million on exploration and sinking more than 90,000 metres of core drilling, the company was able to report an independent inferred resource of 440,000 oz. gold grading 3.3 grams per tonne in 13 separate zones. The zones are open, and much of the property remains unexplored.
In early December, Band-Ore reported it had completed a 4-hole, 421-metre core-drilling program on the Engagement and Rainbow zones at its GQ diamond property, north of Wawa, Ont.
The drilling was carried out to provide geological and stratigraphic information on both zones, as well as provide sample material of heterolithic breccia for caustic fusion and microdiamond processing.
The drilling was successful in that it showed that the volcaniclastic, heterolithic breccia that hosts the diamonds at the property extends at depth and is quite thick, with the Engagement zone having a true width of 69 metres.
Band-Ore’s partner at GQ is
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