Moss-Power picks up options on ground in Wisconsin belt

Options on 50,000 acres of ground along the Rhinelander- Ladysmith greenstone belt in Wisconsin will go to Moss-Power Resources (TSE), following an agreement between Moss-Power and Wisconsin Resources, a private Ontario-based company. Under the agreement, Moss- Power will take over Wisconsin Resources, whose subsidiary, WisCan Metals Corp., has the right to acquire a 50% interest in three separate joint ventures from Noranda Exploration, a unit of Noranda (TSE).

The mineral properties lie within the same greenstone belt that hosts Noranda’s Lynne discovery, which is shaping up to be a potentially viable zinc deposit.

“Of all the greenstone belts in North America I think this is one of the finest and most unexplored,” said Richard Nemis, president of Wisconsin Resources.

Of the four properties included in the joint venture, the Reef project, about 50 miles southeast of Lynne, is the most advanced. It hosts a preliminary reserve of 454,000 tons grading 0.26 oz. gold per ton and 0.28% copper, according to Harry Hodge, president of Moss-Power. The other three properties, Enterprise, Goodman North and Goodman South, are base metal plays.

Following a 1-for-7-share consolidation, Moss-Power has arranged a $2-million financing to cover initial exploration, scheduled to commence early next year.

Richard Nemis and one of his nominees will be appointed to the board of directors of the company following the proposed takeover and completion of financing.