Comaplex awaits drill results

With diamond drilling under way on three of its properties. Comaplex Resources International is now waiting for the results to start coming in, reports President George F. Fink.

A minimum 10,000-ft diamond drill program started in late July on the Cass zone of the Indin Lake property in the Northwest Territories by operator Echo Bay Mines. Comaplex holds a 18.75% working interest.

Earlier in the spring Echo Bay completed four deep diamond drill holes on the main zone on the Kim claims with results confirming the extension of the gold-bearing zone to a vertical depth of 1,200 ft with the average grade of 0.21 oz gold per ton over an average width of 15 ft.

A 10,000 ft diamond drill program was recently completed at the Baker Lake property, also in the N.W.T., says Mr Fink. Comaplex holds a 20% carried working interest to the expenditure of $7.75 million. After this expenditure it participates for its proportionate share.

At the Parker and Laughland Lake properties, also in the N.W.T., prospecting, sampling and geological mapping were planned. Comaplex has a 50% working interest in these properties.

A $450,000 diamond drill program started in July at the Tower Lake gold property, 95 miles northeast of La Ronge, Sask. Drilling has been completed but assays are awaited. Comaplex has a 5% working interest and a 2% net smelter royalty in the property.

For the six months ended June 30, the company reported a net loss of $13,093 on revenues of $1.5 million. This compares with a net profit of $722,468 on revenues of $2.1 million in the same period of 1985. Cash flow decreased to $945,242 from $1.5 million in the same period of 1985.

The reasons for the drop in the balance sheet, says Mr Fink, are falling oil prices and reduction in production in both oil and gas.

Mr Fink says he’s optimistic that net income and cash flow will increase during the second half of the year as higher oil and gas sales are anticipated. He also expects the minerals division to continue having improved results.