A joint venture to explore the Crawford gold property located midway between Red Lake and Pickle Lake in northwestern Ontario has been entered into by Gabbs Resources and Ex-Terra Resources.
Ex-Terra has the option to earn a 50% interest by spending the next $100,000 on the property, after which each party will have the right to contribute equally to a joint venture.
The Crawford property is situated within the Uchi Greenstone belt. A gold-bearing iron formation has been traced along strike for at least 5,000 ft on the property. Sampling of two trenches at the eastern end of the iron formation yielded assays of 0.14 oz gold per ton over 12.5 ft and 0.27 oz over 8 ft, Gabbs reports. A program of further trenching, to be followed by drilling, is planned.
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