Regal options bet

Regal Goldfields (CDN) can earn a half interest in Copperquest’s (CDN) Kidd base metal property near Timmins, Ont.

In return, Regal must spend $65,000 on exploration and give Copperquest $10,000 cash and 10,000 Regal shares.

The 12 claims, in Kidd Twp., are in the same stratigraphic area that hosts the nearby Kidd Creek mine of Falconbridge.

In 1988, the Ontario mines ministry carried out a deep, penetrating airborne electromagnetic survey which outlined several conductors on the property. The partners hope to carry out ground geophysical work and drilling in the new year.

Regal will also complete a private placement of 200,000 shares of Copperquest at 30 cents each to raise $60,000. It can buy a further 100,000 shares at 50 cents each until Dec. 31, 1994, and an additional 100,000 shares at 70 cents each until Dec. 31, 1995.