Work by Cartaway Resources (CWA-A) at its Cirque and BR-E projects in Labrador will resume once the company completes a rights offering worth $1.9 million. The properties lie within a 90-km radius of the Voisey’s Bay project of Inco (N-T).
The offering, which is scheduled to close at the end of August, will provide an influx of cash with which Cartaway will conduct drilling at those properties, as well as reconnaissance geological programs at two other properties in the vicinity.
Drilling at the Cirque, 85 km northwest of the Voisey’s Bay deposit, will test the down-plunge continuity of the 1996 discovery of a low-grade massive sulphide lens. Drilling at BR-E, 90 km south of Voisey’s Bay, will focus on a geophysical anomaly. Both of those targets are hosted by Nain Plutonic suite rocks.
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