Rouyn-Noranda-based Ecudor Mining (ME) is raising what could amount to $750,000, to be applied to its Adanac property in Quebec’s Rouyn Twp.
Between 150 and 750 units will be offered. Each unit, priced at $1,000, will consist of 1,778 flow-through shares priced at 45 cents each and 444 common shares also priced at 45 cents each.
The proceeds will be used to finance drilling at the Tourmaline zone, where previous results ranged from 5.15 grams gold per tonne over 4.14 metres to 11.19 grams over 2.73 metres.
Four trenches by Ressources Dianor (ME) have confirmed the presence of the gold-bearing structure, the best result being a composite sample of 6.97 grams over 4.9 metres.
Currently, the junior is trying to confirm the presence of lateral extensions. Dianor can earn a 30% interest by spending $300,000 on exploration by March 6, 1996.
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