Busy year for Tandem Resources

“Dramatic and positive changes in the company’s affairs have taken place during the past year and it is expected that this trend will continue this year with the company heavily involved in a number of exciting ventures,” S. G. Hawkins, president of Tandem Resources says in its annual report.

With cash and market value of securities in excess of $8 million, this company is indeed geared for a busy year, holding a big stake in three separate drilling programs that will run to 100,000 ft.

High priority is being accorded the Vezza Twp. gold property north of Mattagami Lake in which North American Rare Metals holds a 50% interest, a company controlled and financed by Tandem. Two drills are starting there this week in a $2 million program that calls for 50,000 ft of drilling. Drilling prior to breakup picked up a gold bearing zone at least 2,000 ft long with widths varying from 6 to 36 ft and grading from 0.10 to 0.32 oz. This has caused considerable interest and has definite mine making potential, the report says.

Drilling is also being resumed on the Moss Lake gold discovery of Storimin Exploration. This is another company being financed by Tandem which holds a direct 50% interest with a further indirect 20% through its Storimin holdings. A 40,000 ft drill program here during the past year outlined a zone of potential ore grade for a length of 1,400 ft and depth of 1,000 ft. True width is expected to average about 8.0 ft and grade approximately 0.20 oz. This occurs in a tuffaceous band which is believed to be strata bound and could extend for a considerable distance, Mr Hawkins, a professional mining engineer, says.

A third drilling program is scheduled to start in mid-June on the company’s Fond Lake property 80 miles north of Nakina in northwestern Ontario where previous drilling indicated 300,000 tons grading 0.22 oz gold. This new program will be carried out by Ayrex Resources which can earn a 50% interest. Tandem, in turn, will fund this work by taking down treasury shares of Ayrex, an Alberta Stock Exchange listed company.

Tandem also holds 160,000 shares of La Fosse Platinum Group Inc., a private company that expects to “go public” shortly at $5 a share. It has just started what promises to be an extensive drill program on a platinum discovery at Retty Lake, 30 miles north of Schefferville, Que. On its own, Tandem holds a large concession adjoining the La Fosse discovery concession on the north side and will launch a surface exploration program in June.