With a third and final private placement completed for $500,000, Franc-Or (FOR-T) has raised a total of $2.7 million to fund its gold-diamond projects in French Guiana.
Chief among these is the 121.5-sq.-km Haute Mana gold project, which Franc-Or is exploring in a joint venture with BRGM, the French government’s mineral research agency. Franc-Or can earn an initial 80% interest in the project.
Stream sampling, overburden drilling, trenching and channel sampling are under way, with diamond drilling set to begin in August. Outside the agreement area, the diamond potential of two ultramafic complexes on Permit A will be evaluated.
The company also holds exploration permits covering 50 sq. km, with an additional 75 sq. km under application, in the St.-Pierre gold property in northwestern French Guiana. Homestake Mining (HM-N) is spending $2 million over two years to earn a 70% interest in the joint venture.
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