CMR options Lynx Lake play

Alberta-listed Canadian Mining Resources (ASE) can earn up to a half interest in the Lynx Lake gold property, northeast of La Ronge, Sask.

Exploration on the 1,944-hectare property has identified several gold anomalies in basal till samples, as well as gold mineralization associated with shear-hosted quartz veins. A sample from a 1-metre-wide quartz vein adjacent to a shear zone assayed 19.2 grams gold per tonne.

To earn its interest, Canadian Mining must issue 50,000 shares to the vendor, Leeward Capital (ASE), and spend $200,000 on exploration by March 31, 1997. It can increase its interest to a maximum of 50% by issuing an additional 50,000 shares and spending another $100,000 by March 31, 1998.