Once a $500,000 development and financing agreement has been signed, Spirit Lake Explorations (ME) plans to proceed with an underground bulk sample on its Edwards gold property 30 miles northeast of Wawa, Ont.
Under the first phase of the proposed contract, Extender Minerals will drive a ramp to a vertical depth of 70 ft., drift across 140 ft. of strike length and take a 500-ton bulk sample from the previously drilled porphyry and carbonate zones. Payment will be made through a combination of cash and Spirit Lake equity.
Preliminary reserves on the property stand at 277,000 tons averaging 0.55 oz. per ton to a depth of 600 ft.
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