A letter of intent has been signed between United Reef Petroleums and a private company for the purchase, by United, of a 32,000-acre concession in the Labrador Trough. Located in northeastern Quebec, the concession is located 10 miles northwest of the Retty Lake platinum discovery (N.M., Jan. 26/87).
United Reef has also completed five drill holes on its optioned gold property in Baird Twp., Ont. Located near Red Lake, the ground is optioned from Canhorn Mining Corp. Three of the holes returned encouraging results; the highest of which assayed 0.14 oz gold per ton. Additional assays are expected shortly.
Another drill program is under way in Guibord Twp., near Matheson, Ont. Funding for the work is coming from flow-through share issues totalling $1.5 million which have been arranged for 1987. Additional work is also planned for the company’s platinum-nickel property near Sudbury, Ont.
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