Industrial mineral producer Hedman Resources, is getting into the grassroots gold exploration game. The company has completed a staking program which staked 560 claims in five blocks within McCool, Milligan, Munro, Warden, Coulson, Knox and Kerrs twps, Ont.
The properties are in the Matheson area where Hedman operates a lizardite open pit mining and milling operation. Lizardite, which is similar mineralogically to asbestos, is used in automotive brake linings, roofing tiles and in waterproofing compounds. The operation, which has been struggling for several years, posted a first-half profit of $34,331.
The gold exploration program is focusing on examining sections of the North branch fault of the Destor Porcupine fault, a major structural feature striking across the area. The staking program was also guided by results from government studies of the area.
A reconnaissance overburden drilling program completed by the provincial government yielded encouraging results from the Hedman ground. One hole contained up to nine grains of gold from overburden. Hedman feels the source of the gold could be from several of the structures which were staked by the company.
Next year, the company plans to perform a $1-million exploration program using flow-through funds. This work will include overburden and diamond drilling. To date, Hedman has completed ground geophysical surveys over the claim groups.
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