Development drilling on 5-m spacings to establish mineable reserves has started on Borealis Exploration’s Fat Lake area property in the Keewatin District of the Northwest Territories.
A small open pit operation is deemed feasible by the company and drilling is designed to test the possibility of a small underground operation.
As well, mapping and exploration are continuing on six other gold-bearing areas on the company’s large property.
The company reports a $240,893 decrease in working capital during the 3-month period ended June 30 bringing its working capital position to a deficiency of $43,756.
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