Juniors continue land grab in Fort MacKay region

Several juniors are continuing to add to their land positions near Fort MacKay in northeastern Alberta.

Interest in the region began growing last spring after Focal Resources (ASE) announced that it had discovered gold mineralization in Devonian aged carbonate rocks at its Bradley prospect.

Although slow to catch on, the play has been gaining momentum in recent weeks following Lac Minerals’ (TSE) announcement that it had signed a deal with Tintina Mines (TSE) and NSR Resources (TSE) to carry out a major gold exploration program on the trio’s collective land holdings in the area. A summary of recent developments follows:

* Ultrasonic Industrial Sciences (ASE) now has a 100% interest in more than 1 million acres of mineral exploration permits in northeastern and north-central Alberta. In excess of 850,000 acres are in the Fort MacKay and Fort McMurray areas. These latter permits, which are underlain by the Clearwater formation, contain numerous fault structures and more than 200 airborne magnetic anomalies.

Ultrasonic is considering possible joint ventures on its mineral leases. * Blue Hill Capital (ASE) has entered an agreement to acquire a 60% interest in a Crown Mining lease, known as the Athabasca #108 gold project and situated near Fort MacKay.

To earn its interest, Blue Hill must provide the vendors with 1.1 million shares and spend $400,000 on exploration.

* Marum Resources (ASE) has signed a letter of intent with a private company to acquire the Ironcap Lands in the Peace River area. The Ironcap Lands comprise several exploration permits, which are underlain by the Upper Cretaceous Badheart Formation. This formation, which is a flat-lying oolitic sandstone, is thought to have good potential to host gold and platinum group mineralization.

Marum can earn a 100% interest by paying the vendors 280,000 shares and granting 280,000 3-year warrants exercisable at $1 per share. In addition, Marum must spend $250,000 on exploration before Sept. 30, 1995. The vendors will retain a 2% royalty.

* Aabbax International Financial (VSE) can acquire Precambrian metallic mineral rights, covering 334,000 acres in the Fort MacKay area, from the Alberta government.

To date, the company has acquired the rights to 20,480 acres and is currently carrying out a wildcat oil and gas exploration program in the area.