Lacana Mining has confirmed its commitment to fund the balance of a $500,000 work program started last year on Huntington Resources’ Brett claims near Vernon, B.C. Approximately $360,000 was spent there by Lacana in 1987.
To earn a 51% interest, Lacana will have to spend $140,000 this year, make a cash payment to Huntington of $85,000, and purchase $100,000 worth of treasury shares.
The first phase of the 1988 work program will involve the central portion of the main shear zone where gold mineralization was discovered last year. Diamond and reverse circulation drilling are planned to test the continuity of the structure and grade. A total of $230,000 will be invested by the joint venture in phase 1.
A second phase program will test the main shear zone to develop high grade reserves in ore shoots. This phase is budgeted at $236,000, bringing the cumulative total spent to date to approximately $1.3 million.
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