Spirit Lake contemplates next target at Jacob Twp.

After releasing some of the latest results from its Jacobson Twp. gold property near Wawa, Ont., Spirit Lake Explorations (ME) is in the process of deciding where to begin the next phase of drilling on the 45-claim property.

Located near Canamax Resources’ Kremzar gold mine, the Jacobson property encompasses the old Edwards gold mine which produced 8,000 tons of grade 0.14 oz to 0.2 oz gold per ton during the 1930s.

With more assays still to come, the company will have completed 29,700 ft of drilling when the current exploration program is finished. The program included 11,172 ft of diamond drilling in 21 holes.

While another 30,000 ft of drilling must be done before Spirit Lake can attempt to make an initial ore reserve calculation, results from 12 of the 21- hole program (separated into zones in which they were drilled) include 25.7 ft of 0.49 oz in the Spirit zone and 11.3 ft of grade 0.46 in the Edwards zone.

Following a flow-through share agreement in which NIM Resource — 1988 and Co. Ltd., can acquire 305,678 Spirit Lake shares at $3.9 each, the Toronto company considers itself fully financed to continue exploration at Jacobson.

NIM recently drew down 30,939 Spirit Lake for $121,455 in Canadian Exploration Expenditures incurred at the property. The share issue leaves Spirit Lake with a balance of approximately $1 million to be spent on CEE on or before Dec 31.