Plexmar raises Otish funds (January 27, 2003)

Plexmar Resources (PLE-T) has raised $457,000 for its Papaskwasti and Discovery diamond properties in Quebec’s Otish Mountains.

At Papaskwasti, the junior will begin drilling after it analyzes results from till sampling. About 40 samples were taken around existing geophysical and geochemical anomalies.

An airborne magnetic survey and follow-up till sampling are planned for Discovery. The property’s western boundary is near the Foxtrot property of Ashton Mining of Canada (ACA-T) and Quebec government-owned Soquem. There, eight small diamondiferous kimberlite pipes are yielding stones similar to those found in the Northwest Territories (T.N.M., Dec. 30/02).

Plexmar sold 3 million shares and 1.6 million warrants.