Further exploratory drilling will be carried out on the Kidd Twp. properties of Chance Mining and Exploration Co. (COATS) in the Timmins area this year, President M. Zurowski states in the annual report. This work will be carried out by Falconbridge Ltd. (TSE), which holds them under option.
Falconbridge has now exercised its option to purchase a 100% interest in one group, 7,500 ft northwest of the Kidd Creek mine, for $200,000, with Chance retaining a 10% net profit royalty interest.
Last year the big firm carried out over 13,000 additional feet of drilling at a cost of over $400,000, bringing the total footage drilled on this particular property to 42,400 ft at a cost in excess of $1.2 million. But results of that latest drilling have not as yet been divulged to Chance as the release of this information, on a timely basis, is at Falconbridge’s discretion, it states in the report. However, additional drilling is planned for this property this year.
Under a separate agreement made last March, Falconbridge optioned three additional groups about three miles southwest of the Kidd Creek mine on which it has carried out detailed EM and magnetic surveys. It is anticipated that a drilling program will be initiated here this year to test the most favorable anomalous features.
The Chance company, which is controlled by Conwest Exploration (TSE) which holds 1,141,18l shares representing a 35%, reports holding investments with a year-end market value of $828,2l8.
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