Poor stock market conditions and a difficult financing climate have scuttled a $1.2-million exploration agreement between Geomaque Explorations (TSE) and Kingswood Explorations (ASE). The two companies have cancelled an option deal they signed three months ago which would have seen Kingswood spend a total of $1.2 million over four years to earn a 50% interest in Geomaque’s Bourlamaque Twp. property near Val d’Or, Que.
Geomaque says it is currently seeking a new partner to explore the 29-claim base metal and gold prospect. The claims are about 10 miles southwest of the massive sulphide deposit owned by Aur Resources (TSE) and Societe Miniere Louvem (TSE).
Previous drilling on the Geomaque property has encountered intersections such as 1.88% copper over 2 ft. and 0.70% zinc over 20 ft. in rhyolite flows and tuffs. Precious metal intercepts grading up to 0.18 oz. gold per ton over 8.5 ft. have also been encountered in earlier work.
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