Nickel showing prompts company to become public

To date, a total of about 1,500 claims have been staked in the area surrounding the original discovery, which is known as the Lac des Poissons Blanc showing. It is located in a virtually unexplored area of the Grenville geological province on the northwest margin of the Lac Saint Jean anorthosite intrusive, one of the largest of its kind known in the world.

A private company, 163712 Canada Inc, controlled by the principles behind Flanagan McAdam Resources, owns a 60% interest in the claims covering the original copper-nickel showing. The company is currently preparing a prospectus through Merit Investment Corp. Flanagan McAdam also holds a number of other claim groups in the area.

“A prospectus is being prepared now,” a spokesman for Merit Investment said. “We’re working on it from our end and the company is working from their end. We expect we’ll have something ready in about three weeks,” he said.

A Vancouver junior, St. Philips Resources (VSE) recently acquired a 30% interest the ground containing the original showing, while a company called Ramcor holds the remaining 10% interest. Known as the LeFebvre property, it is located in numbered township No. 234 and is east of the Mistassibi River.

St. Philips is reported to have circulated information regarding grades of mineralization encountered on the property. But, when contacted by The Northern Miner, St. Philips had no comment on the matter.

Since St. Philips became involved in the Lac St. John area, the company’s shares have climbed to $3.90 on the VSE from a level of $1.20, three months ago.

Flanagan McAdam is remaining quite tight lipped about the property until the final prospectus is complete.

About $200,000 was spent on the Lac des Poissons Blanc showing during 1988. The work included geological mapping, geophysics and lithogeochemical surveys, but no diamond drilling.

Other companies involved in the area include Freewest Resources (ME) and Achates Resources(ME), and Sparton Resources (TSE).

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