Lakewood to acquire six Ontario claims
2012-06-18 16:43 ET - News Release
Mr. Darcy Krell reports
MINERAL PROPERTIES UPDATE
Lakewood Mining Co. Ltd. has recently entered into two option agreements with local prospectors to acquire a 100-per-cent interest in six claims comprising 583 hectares, known as the Owl Lake molybdenum property and the Little Steel Lake gold-silver-lead-zinc property, both located in the Thunder Bay mining division of Ontario. Option payments totalling $14,400 are required over the next two years, of which initial payments of $3,600 were made on signing. Both agreements are subject to a 2-per-cent net smelter return royalty in favour of the vendors and a 1-per-cent net smelter return in favour of the Ontario Exploration Corp.
The company plans to complete a field program of prospecting and sampling on both properties this summer in order to pursue the under-explored, potential molybdenum and gold-silver mineralization occurrences previously identified in these areas.
Beaton mining claims, British Columbia
To further explore the 100-per-cent-owned Beaton claims (three claims comprising 787 hectares) in the Kamloops mining division of B.C., the company has recently approved a proposal to conduct an MMI (mobile metal ion) soil-sampling program designed to identify potential drilling targets for future exploration. The work is planned to be carried out this summer.
Wood mining claims, B.C.
Given the current economic conditions in the junior resource industry and the proposed increases in the costs of maintaining mineral tenures in B.C., the company has decided to not proceed further with its option to acquire up to a 50-per-cent interest in the Wood claims, Kamloops mining division, B.C., and will allow the option to lapse.