Lenny
I got the following press release today from Canada Stockwatch. Does anyone know anything about Prism and the Kathleen Lakes project? Does this explain the increased interest in MCK?
Kathleen Lakes JV agreement
Manson Creek Resources Ltd MCK
Shares issued 14,620,402 Jan 6 close $0.37
Wed 7 Jan 98 News Release
See Prism Resources Inc (PRN) News Release
Mr Earl Dodson reports
Prism Resources has entered into an option/joint venture agreement with Manson Creek Resources whereby Manson Creek may earn an initial 50% interest in Prism's Kathleen Lakes Ag-Pb-Zn project east of Mayo, Yukon Territory.
To earn its 50% interest, Manson Creek must finance $1,000,000 in exploration on the property by December 31 2001 and make payments to Prism on December 31 1998 and December 31 1999, each consisting of 100,000 shares of Manson Creek. Upon completion of the work and payment schedule Prism may elect to either participate on a 50/50 basis or grant to Manson Creek the option to acquire an additional 40% in the project by financing the next $1,000,000 in exploration.
The Kathleen Lakes property lies within the Wernecke mountains east of Mayo in the Yukon. Prior to this agreement Prism has conducted exploration programs at the Kathleen Lakes project which totalled in excess of $5,000,000 in exploration expenditures. Diamond drilling and underground sampling programs have outlined a mineral resource in two zones which total 935,770 tons which grade 8.96 opt silver, 1.81% lead, and 1.89% zinc.
Numerous additional occurrences remain to be evaluated.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
