Cdn. Lencourt gets shareholder nod for takeover move

Shareholder approval has been received by Canadian Lencourt Mines for the acquisition of Explorco Properties, a private company holding mineral assets. Canadian Lencourt, which is operated and controlled by principals of Watts, Griffis and McOuat Ltd., a geological consulting firm, has started a program to evaluate a silver tailings property near Gowganda, Ont.

Funded by $422,400 in flow- through cash, the program will include definition drilling, bulk sampling amd metallurgical testing. Proven reserves in the tailings dump total one million tons grading 1.6 oz silver per ton. The company is considering a 1,000-ton- per-day mining operation to process the material.

Explorco owns 84 claims near Birch Lake, Ont., which is an active gold exploration area located east of Red Lake, Ont. Another gold prospect is located in Alaska on Baranof Island.

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