Keylock Resources (ASE) intends to earn a half interest in the Gordon Lake gold property 100 km northeast of Yellowknife, N.W.T.
To do so, the company will issue the vendor 200,000 common shares and spend $350,000 on exploration over three years.
The property, last explored in 1988, contains nine separate, mineralized zones. The most significant of these measures 61 metres long and 3.7 metres wide and has been drilled to a depth of 213 metres. Some of the better intercepts from a 1988 program include 19.4 grams gold per tonne over 7.4 metres and 27.9 grams gold over 5.4 metres.
Beginning in June, Keylock will evaluate the downdip extension of this zone and explore other targets. This year’s program will consist of sampling, mapping, prospecting and diamond drilling.
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