Field work will begin immediately at Coronado Resources’ Davis Lake joint venture gold property in Saskatchewan’s La Ronge mining district, the company said.
According to Coronado, the program will continue the preliminary surface geochemical sampling carried out by Bourdeaux Resources last year.
Magnetometor and vlf-em surveys will also be run over the property, Coronado says.
Under an agreement, Bourdeaux is committed to spending $70,000 by Dec 31 to earn a 60% interest and an additional $100,000 by Dec 31, 1989, to bring its interest up to 80%.
A 20% buyback costing $34,000 by February, 1990, would give Coronado a 40% equity position in the property.
The 1,000-acre Davis Lake property is located 10 km south of the Starrex Mining/Mahogany Minerals deposits which contain 920,000 tons of 0.61 oz gold per ton and 230,000 oz of 0.50 oz respectively.
It is contiguous with similar geology to the recently announced gold discovery of Goldsil Resources where drilling is already under way.
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