Prime Meridian Resources (TSXV: PMR) is increasing its portfolio of claims in the Red Lake region of Ontario. The company this morning revealed that it has optioned additional land in the region, as it works to expand its current projects.
A total of 2,920 additional hectares have been staked by the company, with the claims located to the east of the firms current Camping Lake project, with the new property being referred to as the Bluffy Lake Project. The project is reportedly contiguous with the Karas Lake property held by Trillium Gold, as well as the South Ushi Project owned by Barrick Gold, and is located along the Pakwash Lake Fault Zone.
As a demonstration of how sought after the region is, the South Ushi Project was just acquired by Barrick Gold from that of Kenorland Minerals. The property was reportedly acquired for a total of $6.0 million in mineral exploration work on the property, for just a 70% interest.
Elsewhere, the firm indicated this morning that it has contracted a firm to conduct airborne magnetic and EM surveys over both its Camping Lake and Bruce Lake projects. The surveys are slated to cover the properties in full, with the goal of clearly defining structural targets on the properties.
Prime Meridian Resources last traded at $0.12 on the TSX Venture.
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