Lyon Lake enters into agreements on 3 properties

Three agreements concerning Quebec properties with gold- bearing potential have been entered into by Lyon Lake Mines.

In consideration of a lump sum, Lyon has acquired a 100% interest in 158 claims in Carheil Twp., southwest of the Selbaie mine, which is located about 40 mi northwest of Joutel. President Guy Hebert reports recent work to the east of this property revealed anomalous gold-bearing values during an overburden drilling program. An aerial geophysical survey is being studied. An exploration budget of $350,000 has been drawn up.

Lyon, in two other agreements, has obtained options to acquire a 50% interest in the Belleterre and Estrees-Estrades properties of Audrey Resources. These agreements are subject to regulatory approval.

On the Belleterre property, Lyon is to spend $1.25 million in exploration work over a maximum 3- year period. The 315-claim property, located in northwestern Quebec, represents the extension toward the northeast of the lithologies of the former mine of Quebec Belleterre Gold Mines which produced 2 million tonnes of ore grading 0.3 oz gold per tonne. Surface samples from exploration work last year by Audrey have yielded grades of 0.14 oz to 1.58 oz, and a drill hole indicated 0.24 oz over 1.5 m.

The Estrees-Estrades agreement calls for Lyon to do exploration work worth $750,000 over three years. Comprising 95 claims, this property is located in the Casa Berardi area and consists of volcanic rocks belonging to the belt which contains the Golden Hope discovery. Diamond drilling is planned for the property this year.

Meanwhile, Lyon has started line cutting on its Manneville and Villemontel properties. A drilling program is planned for the properties in the fall of this year.