An exploration shaft on Jonpol Explorations (TSE) and T&H Resources’ (TSE) joint venture property in Garrison Twp., Ont., will be deepened to 680 ft. from 500 ft., the companies say. Jonpol has arranged a $300,000 flow-through share financing at 80cents per share to fund the work following a decision by former partner LAC Minerals (TSE) to drop its option to earn a 50% interest in the project.
Jonpol holds a 64.3% interest and T&H a 35.7% interest in the gold property where preliminary reserves were last reported at 1.3 million tons grading 0.23 oz. gold per ton. Bulk sampling and underground exploration are continuing. Jonpol is in discussions with potential new partners to finance the property toward production.
Two previous deep holes testing the 2,000-ft. horizon indicated the gold mineralization continues to at least that depth.
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