Further exploratory drilling is to be carried out by Kidd Creek Mines on ground it holds under option from Chance Mining and Exploration in the Timmins area.
This new work will include additional follow-up holes on the main group on which previous drilling outlined a small but good grade lead-zinc-silver deposit, as well as drilling on some additional Chance groups recently optioned by Kidd. This is under a new agreement that calls for the big company to spend a minimum of $350,000 to keep this option in good standing.
Under its original agreement with Chance, Kidd has spent something like $825,000 and carried out about 25,000 ft of diamond drilling. That agreement remains in good standing. It is the proximity of this drift covered ground to the massive Kidd Creek orebody that makes this whole project rather exciting.
Drilling is expected to start this week, M. J. Knuckey, vice-president exploration for Kidd Creek’s parent, Falcondridge Ltd. tells The Northern Miner.
The Chance company, which is controlled by Conwest Exploration, holds some 57 patented claims in the Timmins area, mostly in Kidd and Carnegie twps. It has a current working capital in excess of $500,000, with 3,277,530 shares issued. These were trading actively this week on the Toronto coats system in the 90 cents -$1 range.
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