Oracle to drill at Opapimiskan and Agutua Arm

Oracle Resources has signed an agreement with First Exploration Fund 1986 for issuance of 166,667 flow-through common shares at $3 per share. The offering is underwritten by Merrill Lynch Canada and Dominion Securities Pitfield.

The subscription price of $500,000 is to be used for exploration of two of Oracle’s four mineral properties — the Opapimiskan Lake and Agutua Arm properties — in the Pickle Lake area of northwestern Ontario.

The Opapimiskan Lake property covers multiple gold zones associated with iron formation and is adjacent to the Musselwhite property held by a consortium including Dome, Inco, Esso and Lacana on which a number of gold deposits have been reported in association with the same iron formation. Drilling is starting immediately and a minimum of 10,000 ft will be drilled to delineate the gold zones.

The Agutua Arm property covers several high grade gold-silver and base metal prospects which have had limited previous exploration. Drilling will start in October- November and will involve a minimum of 3,500 ft.

The $500,000 to be provided by First Exploration Fund must be spent by Feb 28, 1987. Accordingly, Harry J. Hodge, president, says Oracle will not be in a position to make the expenditures provided for in a subscription agreement dated Feb 10 under which Van Horne Exploration was to have provided $1,250,000 in flow-through funds by Dec 31. The Van Horne subscription agreement will be extended by one year.



Republish this article

Be the first to comment on "Oracle to drill at Opapimiskan and Agutua Arm"

Leave a comment

Your email address will not be published.


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.