Juniors swarm near Murgor

Geophysical work — including magnetic, induced-polarization and very-low-frequency surveys — is being carried out by Murgor Resources (VSE) on its 14-claim property near Lebel-sur-Quevillon, Que.

President Michael Atkins hopes results will be received shortly so that drilling can begin in early February.

Geophysical work is also under way on Explorations Miniere du Nord’s (ME) 29-claim property south of Murgor’s discovery.

Meanwhile, other companies continue to assemble ground in the area. Calgary-based Leeward Capital (ASE) is earning a half interest in a property from Orient Resources (ME). To do so, it must issue 150,000 shares, pay $10,000 and spend $250,000 on exploration over the next three years. The property is known to host three targets believed to be similar to those found on the property held by Murgor. Geophysics and trenching will begin in the spring.

In nearby Urban Twp., Winspear Resources (VSE) will earn a half interest in a 33-claim property by issuing 100,000 shares to Noront Resources (TSE) and financing $500,000 worth of exploration.

For $300,000, Winspear can buy an additional 10% outright.

Winspear has also taken an option on 75 claims held by Cane Corp. (ASE), 7 miles north of Murgor’s discovery. To earn a half interest, Winspear must pay Cane $30,000, issue 50,000 shares, spend $125,000 on exploration over the first 12 months, and spend a total of $500,000 over 36 months. Winspear will start geophysical surveys and trenching shortly.

Meanwhile, in nearby Souart Twp., Grand Cayman-based Challenger Resources (VSE) has agreed to acquire a half interest in 15 claims from Beaufield Consolidated Resources (VSE). It will pay Beaufield $5,000 and 25,000 shares, and finance $200,000 worth of exploration by Feb. 28, 1997.

Beaufield, active in the region for the past seven years, also holds a half interest in the Barry Lake joint venture, which consists of claims in Barry, Souart and Urban Twps. The remaining 50% is held by Falconbridge (TSE). Another long-time player in the area is Urbana Corp. (TSE), which holds a half interest in 48 claims in Urban Twp. More than $2 million worth of exploration — including mapping, geophysical surveys and diamond drilling — was carried out between 1987 and 1989.

Barry and Urban townships have been explored in the past, including the 1940s when a flurry of staking took place following the discovery of several gold showings.