ONTARIO EXALL RESOURCES and SOUTHERN STAR RESOURCES have struck a joint venture agreement for the Gold Eagle project in the Red Lake camp. The property contains the former Gold Eagle mine operated from 1937 to 1941.
Golden Star earned 50% of the project by completing its cash, share and exploration obligations 18 months ahead of schedule. The two companies will now jointly operate the project through a management committee and fund further exploration and development on a pro rata basis.
The Gold Eagle property produced approximately 40,000 oz of gold during its four-year life. The shaft was initially completed to a depth of 160 meters and extended to a depth of 350 meters with a winze. Since operations ceased, no significant exploration program has been undertaken at Gold Eagle.
Maps and a historic photograph of the project are available at www.exall.com.
Comments