Cross Lake, KRL form joint venture

KRL Resources (VSE) and Cross Lake Minerals (VSE) have agreed to form a joint venture on the 43-unit Arthur Lake property in Knight and Natal twps., near Shining Tree, Ont.

To earn a 51% interest in the property, KRL must pay the original property vendors $50,000 over four years and carry out a $100,000 work program. KRL, as operator of the joint venture, will begin linecutting and ground geophysics immediately. Airborne anomalies, some in the vicinity of nickel showings, have been outlined for a strike length of two miles. Drilling will begin in January, 1992.

Hosted by ultramafics with assays of up to 0.96% nickel over 1.5 metres, the nickel showings lie nine miles northeast of a recent nickel-copper discovery by Fort Knox Gold Resources (TSE) in Fawcett Twp., Ont. Cross Lake says they are the only other known Archean-hosted nickel occurrences associated with airborne responses in the area.