Dore Exploration and Orofino Resources have entered into a joint venture on the latter’s 128-claim option in the Vermillion Lake project in the Mine Centre area of northwestern Ontario.
The claims cover part of a major shear zone and a quartz porphyry which contains numerous sulphide and gold bearing quartz veins. Grab samples from three different exposures assayed 0.044, 0.05 and 2.27 oz gold per ton.
Although gold occurrences have been known on the property since the 1880s, no systematic exploration has been carried out. A program of geophysics, soil geochemistry and geological mapping is now under way.
Dore is arranging a flow-through financing for $135,000 to fund the initial program of the joint venture in accordance with Orofino’s geological report on the property.
Dore has the right to earn a 40% interest in the property by expending $150,000 and by issuing a fixed amount of shares by March, 1988.
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