Mingold Resources was formed in 1987 to participate in the exploration, development and mining of gold in Canada. The company is owned equally by the Minorco group and the Inspiration Resources group. Three million dollars in 1988 wil be directed to precious metal exploration on claims held by the company in British Columbia, Saskatchewan, Manitoba, Ontario and Quebec. In addition to these grassroots activities, Mingold continues to search for properties to acquire while investing in other attractive exploration companies. In late 1987, Mingold signed a formal agreement with Golden Range Resources on 12 mineral properties in Manitoba, Saskatchewan and Ontario. Under the terms of the agreement, Golden Range issued to Mingold three million of its common shares and provided $3 million for exploration of the 12 properties. Golden Range holds a 100% interest in the properties, subject to a back-in production financing right by Mingold. Golden Range has undertaken to raise $5 million by March 1, 1989, to carry out underground exploration on the Hudvam property, 30 miles northeast of Flin Flon, Man. The property contains two polymetallic sulphide zones totalling 465,000 tons grading 0.137 oz gold per ton, 0.45 oz silver, 1.66% copper and 2.2% zinc.
Mingold Resources (44.8%), in a joint venture with Manitoba Mineral Resources Ltd. (55.2%), is evaluating a feasibility study on the Farley Lake gold project, 25 miles east of Lynn Lake, Man. The deposit is mineable by open pit.
Mingold’s head office is in Toronto. Regional offices are maintained in Vancouver, B.C., Thunder Bay, Ont. and Flin Flon, Man. Activities of the company are under the direction of President Edward Thompson.
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