Oz and Farboro option property

Two Quebec-based firms, Oz Exploration and Farboro Resources, have jointly obtained an option to acquire a 100% interest in property in Elmhirst Twp., in northwestern Ontario’s Thunder Bay mining division.

To earn their option, the companies must spend a total of $1 million on exploration and development work by Aug 31, 1989. The property is located five miles west of Jellicoe.

Exploration work undertaken since the 1930s indicates the presence of gold and silver, often associated with a zinc and sometimes copper mineralization, the companies say. Also, gold was identified in a brecciated zone. Majority of the work was concentrated on a mineralized zone in and around the river bed of the Sturgeon River. More recent work, in 1982 and 1983, identified five sub-parallel mineralized zones in a section on a quartzose breccia.

The companies report the property offers numerous exploration targets: several mineralizations of chalcopyrite and sphalerite have been identified, and several geophysical anomalies have not been investigated. About one-half of the property is yet unmapped and not covered by geophysical surveys.

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