Pezim hails Hemlo trial with swarm of releases

Shortly after it was announced that International Corona Resources had won control of the Page- Williams gold mine at Hemlo, Ont. (see separate story, page 1), a swarm of news releases flew out of 1550 Granville St. in Vancouver. Murray Pezim was back in business.

The flamboyant Vancouver mining promoter is credited with having financed the Hemlo discovery and getting Corona off the ground. He has since lost control of Corona, although he remains on the board. Now “The Pez,” rejuvenated by the court victory that vindicates his decision to take Lac Minerals to court back in 1981 claiming Lac stole the Hemlo property from him, is making waves with Galveston Resources, International Impala Resources, Destiny Resources and a host of others.

Here’s a summary of what some of Mr Pezim’s companies are involved with:

* A gold discovery made on the Pacquet property, on Newfoundland’s Baie Verte Peninsula. The property consists of two separate groups of claims — the Bradley Option and the Pacquet Harbour Group. An adit is being driven on a new gold discovery where drilling in 1986 outlined an auriferous zone. Assays from this drilling returned values up to 1.12 oz gold per ton over 9.2 ft and 0.29 oz over 15.5 ft

On the Bradley Option portion, exploration work has identified a strong gold anomaly in soils over an area some 650 ft wide by a strike length of 2,000 ft on the northeast portion of the claim block.

On the Pacquet Harbour claim group, a strong gold-in-soil anomaly has been outlined which will also be subject to detailed follow-up work.

The Pacquet property is subject to an option agreement with Noranda Exploration Co., the operator, whereby International Impala can earn up to a 50% interest by making exploration and development expenditures of $500,000 by Dec 31, 1989.

* Destiny Resources has agreed to enter into an agreement with Noranda Exploration Co. whereby Destiny may earn up to a 50% interest in the Windjammer property, in Michaud and Garrison twps., Ont. The property consists of 22 contiguous unpatented mining claims some 65 miles east of Timmins, Ont. It covers a 2-mile portion of the Destor Porcupine Fault zone, the major controlling feature of the gold mineralization at the Timmins and Harker-Holloway camps, Galveston says.

* A fall exploration program has begun on the Operation Wawa joint venture, 19 miles north of Wawa, Ont. Galveston and Eagle Pass Resources each has a 45.3% working interest, and Tri Basin Resources has a 9.4% working interest.

* High grade underground results are reported on the Main zone of the Deer Cove and Devil’s Cove properties, on the Baie Verte Peninsula. Also reported are the discovery of numerous other gold zones on surface and the delineation of a gold geochemical anomaly in the Norman Pond area. The company is increasing exploration expenditures above the minimum $3 million planned to be spent by Dec 31.