United Kingdom Energy reports line-cutting and field surveys have been completed on its McArthur Twp. property, located three townships south of Tisdale Twp. in northern Ontario. Anomalous areas have been indicated in the eastern part of the property by VLF-EM surveys. Three chip samples taken along a strike length of 12 ft have values of 0.06 oz gold per ton over 3 ft; 0.46 oz over 2 ft and 0.37 oz over 3 ft. Two grab samples from the same vein returned values of 0.018 oz and 0.04 oz.
Montreal-based Gold Finch Explorations hopes to raise $800,000 via the sale of flow-through shares in Quebec. Exploration Director Bertrand Brassard says the funds will be directed into finding platinum, gold, cobalt and other metals in its mining claims located in Spalding, Ditchfield, Coleraine, Woburn, Emberton and Watford in the Eastern twps. of Quebec.
Searay Oil has changed its name to Mega-Dyne Industrial Corp., with common shares posted and called for trading on the VSE effective Aug 21.
Berkley Resources, Fortune Island Mines and Kerry Mining have amalgamated as one company with the name Berkley Resources. Shareholders of the predecessor companies will be entitled to receive shares of the amalgamated company on the following basis: one Berkley common share for one amalgamated common share; six Fortune Island common shares for one amalgamated share and three Kerry common shares for one amalgamated share.
Gold Reef Resources has optioned 25 claims located five miles south of the Golden Pond deposit in Casa Berardi Twp., Que. The company is arranging financing for exploration of the property.
Springlake Resources has acquired an option on several gold- bearing placer claims in Mohave Cty., Arizona. The property will be developed with Monarch Gold Mines. Monarch has agreed to fund the first phase of the pilot production program. A second phase program will be equally funded by each company.