Detector options Ontario projects

Alberta-listed Detector Resources has agreed to option two gold properties in northern Ontario.

In one deal, it can earn a half interest in the Randall Lake property from Wiscan Resources (ASE) by spending $400,000 and issuing Wiscan 400,000 shares over 19 months.

The property, situated 35 miles northwest of Placer Dome’s (TSE) Musselwhite project, covers a 5.4-mile strike length of the North Caribou River fault. Previous drilling along the eastern portion of the fault outlined gold-bearing quartz-carbonate veins in brecciated oxide facies iron formation, which returned up to 0.115 oz. per ton over 15.9 ft. In a second transaction, Detector can acquire the Pistol Lake property, 56 miles west of Thunder Bay. To do so, it must make option payments over four years and keep the claims in good standing. Previous drilling returned up to 0.547 oz. over 2 ft. and 0.248 oz. over 4.7 ft.

Both properties will be drill-tested later this year, funding for which will come from a private placement, offered to Alberta residents, of up to $300,000 in flow-through shares.