Drilling started on Akiko-Lori projects

Joint venture partners Akiko- Lori Gold Resources (VSE) and Goldfields Canadian Mining have begun a summer drill program on their Catharine gold property, 16 miles southeast of Kirkland Lake, Ont. Akiko-Lori has an option to earn a 50% interest in the property from Goldfields (operator) by spending $1 million over three years. In northwestern Ontario, drilling has also commenced on the company’s Springpole project, 70 miles east of Red Lake. Akiko’s partner at Springpole is Noranda (TSE) which completed a deep drilling program last winter designed to evaluate the open pit potential of the Portage gold zone beneath Springpole Lake. Results were disappointing and the company is now focusing its efforts on other gold zones on the property.

Drilling completed to date has outlined about 7.9 million tons of preliminary reserves grading 0.07 oz. gold per ton in the Portage zone. This summer’s work is concentrating on the Main and Fuorite zones identified previously by Goldfields. Akiko has the right to earn a 35% stake in the Springpole claims. In the Eskay Creek area of British Columbia, Akiko also has a one- third interest in the Lakewater gold property together with partners Tymar Resources (VSE) and Varitech Resources (SE). The drilling program at Lakewater is being operated by Prime Explorations.