29
New Issue May, 1966
The Shdres r e f e r r e d t o he re in a r e being o f f e r e d i n E r i t i s h Columbia, Canada; bu t not i n the Un i ted Sta tes o f America. Th is Prospectus i s not, and under no circumstances i s t o be considered as an o f f e r i n g o f any o f these shares f o r s a l e i n the Un i ted Sta tes o f America or the t e r r i t o r i e s or possessions thereof , o r any o f f e r i n g t o any res iden t thereof , o r a s o l i c i t a t i o n o f an o f f e r f o r any such res iden t t o buy any o f tlwsc: shares.
P R O S P E C T U S
METEOR M I N I N G CO. LTD. (i~1.P.L.)
A spec ia l 1 y 1 i m i t c d Company incorporn tcd undcr the laws o f the Province o f B r i t i s h Columbia
200,000 Common Shares o f thc par va lue o f 50c cacti
P R I C E : 5Oc PEE S: iARE
NOTE: THE S E C U R I T I E S OFFERED BY T H I S PROSPECTUS I-IAVE HOT BEEN APPROVED OR D I S A P P R O V E D 6Y T1iE B R I T I S H COLUMBIA S E C U R I T I E S C O M M I S S I O N . THE PROSPECTUS S G P P L I E S TidE INFORMATION REQUIRED BY THE S E C U R I T I E S ACT BUT THE BR1TIS;I COLUMSIA S E C U R I T I E S C O M M I S S I O N HAS NOT PASSED UPON THE ACCURACY OF THE PROSPECTUS OR THE INFORMATION. ANY REPRESEb!TATION TO THE EFFECT THE GRIT1Si-l COLUMBIA S E C U R I T I E S C O E . t f \ i S S I O N HAS I b l r+NY !/AY E N I C R S E D THE OFFERING OF THE S E C U R I T I E S CONTAINED I N THIS PROSPECTUS \-IOULD BE AN OFFENCE UNDER TIIE S E C U R I T I E S ACT.
Except a s s ta ted here in t h e p r o p c r t i e s of t h c Company a r e a s ye t unproven and any invcstment i n t h e Company's siiarcs must be considered a s speculat ive.
'.
I I LOCATION OF CLAIMS
TESLA MTN. PROPERTY
New Issue.
The shares re fe r red t o herein are being o f fe red i n B r i t i s h Columbia, Canadr;.*bu.t not i n the Uni ted States o f America. This Prospectus i s , not, and under no circumstances i s t o be considered as a n o f f e r - i n g o f any o f these shares f o r sale i n the United States o f America or; t.he . . t e r r h i ' r i e s or' possessions thereof, or any o f f e r i n g t o any 'restdent t.hereof, or a s o l i c i t a t i o n o f an o f f e r f o r any such res ident t o buy any o f these shares.
s
P R O S P E C T U S
200,000 Common Shares o f the par value o f 5Oc each
METEOR M I N I N G CO. LTD. (N.P.L.)
(Incorporated under the laws o f the Province o f B r i t i s h Columbia)
CAP ITAL IZAT I O N
(upon completion o f present f inanc ing)
Authorized c a p i t a l = $11500,000.00 d iv ided i n t o 3,000,000 shares o f the par value o f 5Oc each.
Issued 1,267,721
Transfer Agent and Registrar - The Royal Trust Company, 1205 Government Street, V i c to r i a , B r i t i s h Columbia.
The Company o f f e r s these shares subject t o the approval o f legal d e t a i l s i n connection w i t h the issue and al lotment thereof by i t s counsel Crejse & Company, 1070 Douglas Street, V i c to r i a , B r i t i s h Columbia, w i t h the r i g h t being reserved t o r e j e c t any a p p l i c a t i o n or t o a l l o t s smaller number o f shares than appl ied fo r . t i ons f o r fewer than 200 shares w i l l be rejected.
Applica-
No person is authorized by the Company t o g i ve any in format ion or .
make any representat ion otherr than those o u t l i n e d i n the prospectus, i n connect ion-wi th issue and so le o f these shares and, i f given or made, such informat ion or representat ion can not be r e l i e d upon as hav i ng been author i zed by the Company.
'
The purpose o f t h i s issue i s t o provide funds f o r a program o f ' exp lorat ion on the Company's mining property on Tesla Mountain, B.C.
METEOR M I N I N G CO. LTD. (N.P.L.) 574 Yates Street, V i c t o r i a, B r i t i sh Co 1 umbi a .
NETEOR M I N I N G C O a LTD.
2.
( a ) The f u l l name o f the Company i s METEOR MINING CO. LTD. (N.P.L.) and i t s Hcsd O f f i c e i s a t 574. Yates Street , V i c t o r i a , B r i t i s h Col umbia, Cancds
(b) The Company was incorporated as a s p e c i a l l y l i m i t e d p r i v a t e company on June 25th, 1962 under the ItCompanfes A c t t t o f B r i t i s h Columbia by memorandun a n d a r t i c l e s o f assoc iat ion,
On August 22nti, 1962, the rne~norandum o f assoc ia t i on o f t he Company was amended t o p r o v d e f o r an {ncresse i n the c a p i t a l of t he Company from $10,000.00 d i v ided i n t o 20,000 shares o f t he par va lue o f 5 O c each t o $100,000,00 d i v ided i n t o 290,000 shares o f t h e p m va lue o f 5Oc each,
On September 3 r d , :964 t h e memorandum o f assoc ia t i on o f t h e Company was f u r t h e r amended t o p rov ide f o r an a d d i t i o n a l increase in t h e c a p i t a l o f the Company f rom $100,000.00 d i v ided i n t o ZX)O,OOO-shares o f the par va lue of 5O$ each t o $l,5OO,OOO.CQ d i v i c h d into 3,000,000 shares o f t k par valu.; o f 5Oc each.
On Cctober 2 0 t h ; 1964 the Company was converted from a p r i v a t e company t o a. p i h l i c compcny. .
( d ) The D i r e c t o r s 3 f the Company a re as f o l lows:
Thomas E. Ki rk , '
1143 Lockley Road, V i c t o r i a , 3,C Prospector
John L o Powney,' 770 Duncan kve. , Pent ic ton, B.C. Prospector
Laurence Kcrr idgc, 1 1 80 Esquimnl t Road, V i c t o r i a , D O C (.,
I L i e u t g Corndr. Re t i red
John C. Kay, 1218 Johnson Street , V i c t o r i a , 6.C. Prospector
Ber t Emanuel Edwor thy, 2626 IJlacDonsld Dr ive, V i c t o r i a , B.C. E 1 ec t r i c i an
Hznry Hol 1 and, 333 Simcoe St ree t , V i c t o r i a , B.C. Truck D r i ver
The f u l l name, occupat ion and home address o f each promoter o f the Company i s as follows:
Thomas E o Kirk, b 1143 Lock1 ey Road,
. V i c t o r i a , B,Co * .
Prospector;
John L . Powney; 770 iluncsn Avc., Pent icton, B.C. P r 0 s pcc t oi'
John C. Kay, 121 8 Johnson St ree t , V ic toT ic , B , C , Prospector
I
1
3 .
(e) Thc Audi tor o f the Company - i s George R. Roberts, whose address i s 4486=A \.lest Sannich Road, V ic tor ia , B.C.
( f ) The R c g i s t r m and Transfer Agent o f the Company i s The Royal Trust Company, 1205 Govcrnrnent Strcet, V i c to r i a , B.C.
The c a p i t a l o f the Company is $1,500,000.00 d iv ided i n t o 3,000,000 shares wi t h a par value o f 50c each o f which 1,067,721 have been issued QS f u l l y paid up; -750,000 f o r p roper t i es QS r e f e r r e d t o i n paragraph - (m) hereof and 317,721 f o r cash as r e f e r r e d t o i n paragraph ( j ) hereof.
(9)
(h)
( i )
There a rc no bonds or-debentures outstanding o r intended t o be issued.
The 750,000 shares r e f e r r e d t o i n paragraph (9) as having been issued as f u l l y paid up f o r proper t ies r e f e r r e d t o i n paragraph (m) hereof were- depos.ited i n escrow w i t h The Royal Trust Company, 1205 Government Street, V i c to r i a , B,C, pursuant t o Escrow Agreement dated the 4 t h day o f December 1964. Subsequently t o the salc by the Company o f 137,718 shares pursuant t o i t s December 1964 Prospectus, 112,500 shares were released from the escrow w i t h the w r i t t e n consent o f the Secur i t i es Commission w i t h the r e s u l t t ha t 637,500 shares now remain i n escrow. w r i t t e n consent o f the Secur i t ies Commission o f the Province o f B r i t i s h Columbia holders o f escrow shares sha l l not s e l l , deal in, assign or t rans fe r i n any manner whatsoeven any o f the sha rcs ' i n escrow or bene f i c ia l ownership o f or any i n t e r e s t i n them and, except M i t h the w r i t t e n ccnscnt o f the Commission, The Royal Trust Company sha l l not
Except w i t h the
accept or acknowledge any transfer, assignment, dec la ra t i on o f t r u s t or any other document evidencing a change i n legal or bene f i c ia l ownership o f or i n t e r e s t i n the sa id shares, except a s may be roqui rcd by reason o f the death or bankruptcy o f any one or more o f the. holders thereof i n which case The Royal Trust Company sha l l ho ld the sa id - c e r t i f i c a t q s rcprcsent ing such shares f o r whatever pcrson, or persons, f i r m or corporat ion may thus become l e g a l l y c n t i t l c d thereto.
The sa id Escrow Agreement provides tha t there sha l l be surrendered by wzy o f g i f t t o the Company f o r cancc l l a t i on such nurnbcr o f escrow shares as the Superintcndcnt o f Brolccrs f o r B r i t i s h Columbia sha l l deem f a i r and equi tab le i n the event o f the Company los ing or not obta in ing a good .and marketable t i t l e to, or abandoning or d iscont inu ing develop- ment o f any o f the TR, Val ur Sclby claims'morc p s r t i c u l c r l y r e f e r r e d t o i n paragraph (m) hereof. As the Company has not l o s t o r f a i l e d t o ob-, t s i n Q good and marketable t i t l e or abandoned or discont inued develop- ment o f a.ny o f the said propert ies, no such surrender o f shares has bcen rnadc.
.
I .
4.
(j) Shares sold f o r cash are as fo l lows:
( i ) (t;) IcO,OOO s k r c s . r 7 t 5~ pcr share (b) ( c ) ( d ) (4
131 $18 shares a t 2 5 ~ per share 5,500 shares at 20e per share 400 shares a t 2 2 k per slmrc
3 shares a t 5 0 ~ per share being shares issued t o subscribers t o memorandum and a r t i c l e s o f assoc iat ion o f the Company.
( i i ) The t o t a l cash received from the sale o f the above mentioned shares was $43,146.00 (being gross rece ip ts o f $43,431 .00 less $285.00 commission paid).
(iii) Commission o f 5~ per share and 2& per share respect ive ly were paid on the sa le o f the 5,500 shares and 400 shares re fe r red t o above, No other commissions were paid or allowed.
( i v ) A discount o f 4 5 ~ per share was allowed t o each o f the persons who subscribed f o r the sa id 180,000 shares and a discount o f 2 s ~ per share was allowed t o each o f the persons who subscribed f o r the balance o f the shares issued by the Company w i t h the exception o f the 3 shares issued t o the subscribers t o the memorandum 2nd a r t i c l e s o f assoc iat ion on which no discount wcs allowed,
(k) . No s e c u r i t i e s other than shares have been so ld f o r cash.
(1 ) No slmres have been issued or are t o be issued, nor has any cash been p i i d , other than what i s disclosed i n paragraphs (m) and (u ) hereof t o any promoter, set f o r t h i n paragraph (d ) hereof.
Namcs and addresses o f promoters are
(m) ( i ) The Company h o l d s subject t o the Mineral Act o f the Province o f B r i t i s h Columbia and t o the payments payable out o f pro- duct ion from the TA p roper t i es r e f e r r e d t o under sub-paragraph ( i i ) o f t h i s porngraph (m), a 100:d i n t e r e s t i n the fo l l ow ing claims and leases:
( a ) Si tua te on Testa Mountain i n the Omineca Mining D iv i s ion :
Name Mineral C1a'im TA No. 1 Mineral Claim TA No. 2 Mineral Claim TA No. 3 Mineral Claim TA No, 4 *
Mineral Claim TA No. 5 Mineral Claim TA No. 6 Mineral Claim TA No. 7 Mineral C l a i m TA No, 8 Plineral Clcim TA No, 9 Mineral C l a i m TA No. 10 Winera1 C l a i m TA No. 1 1 Mineral Claim TA No, 12
7
Record Number 23 21 0 2321 1 23212 23 21 3 23 21 4 23215 23 21 6 23217 23218 23 21 3 23 220 23 221
Nsmc Record Numbcr Mineral C l a i m AT No. 1 25264 - Mineral C l a i m AT No, 2 Mineral Clsim AT No, 3 Mineral C l a i m AT No, 4 Mincral Claim AT No, 5 Mineral C l a i m AT No, 6 ' Mineral Claim AT No, 7 Mincral C l a i m AT No, 8 M'inernl C l a i m AT No. 9 blincrol C l a i m AT No, 10 Mineral4 C l a i m AT No, 11 btincral C l a i m AT No, 12
(b) S i tua te a t Mount Rpichards, Vancouver Island, i n the V i c t o r i a Mining D iv i s ion :
Record Number 1 0 244
Mineral Claim Val No. 2 10245 Mineral C l a i m V a l No, 3 1 0246 / h c r a I Claim v d KO, 4 10247
( c ) S i tua te c a s t o f Tuck Lake, Vancouver Island, i n the V i c t o r i a Mining D iv i s ion :
' Namc Mineral C l a i m Solby No, 1
. Mineral Claim Selby No, 2
7
Record Numb.er 10055 ., 10074
( d ) , Si tuatesnor th o f AT No. 1 and No. 2 Clcims on south shore o f Tesla Lake:
1 . .
Record Number 3 1990
Mineral Clsim.Jay No, 2 31991 ' 1
( e l . Si tua te on Tcsla Mountain ad jo in ing the TA c1ai.ms:
Narnc Mineral C l a i m T, No, 1 Mineral Claim T. No. 2 Plincral 'Claim T, No, 3 Mineral Claim T. No, 4 I4incral Claim T, P!o. 5 btinsral C l a ' i m T, No, 6 Mineral C l a i m T, No, 7
7
I- l incral C l a i m T, 140, G
Record Number 3 1982
-31933 31984
I 3-1985, 3 1 gC6 31927 a
3 1938 3 1939 . .
( f ) S i tua te near Nahmint Bay, A lbern i I n l e t :
Name C \ i n e r d Lease Number - Mineral Lease North Pole Lot 518 M 33 Mineral Lease Vik ing Lot 522 M 34
( i i ) The vendors o f p roper t i es known as Nineral Claims TA Nos. 1-12 i n c l u s i v e are John Ceci l Kay, Thomas Kirk and John 1. Powney, Claims Selby No. 1 and No. 2 are Thomas Kirk, John Ceci l Kay and i lubcrt \deydert, 2nd the vendors o f the proper t ies known GS Mineral Claims Val Nos. 1 t o 4 i nc lus i ve a r c John Ceci l Kay and Thomas Kirk. 750,000 shares were issued by the Company i n considerat ion f o r t h e t rans fe r to the Company o f the aforementioned propert ies. t rans fe r t o the Company o f the sa id TA proper t ies the vendors John Ceci l Kay, Thomix Kirk and John L o Powney . entered i n t o sn agreement w i t h the Company dated June l6th,l964 under the terms o f which the Company undertakes and agrees t o pay t o the sa id vendors the sum o f F i f t y Thousand Dollars ($50,000.00), the sa id sum being payable out o f the proceeds o f production from the sa id TA propert ies. Payments t o be madc on the f i r s t anniversary o f t h c date o f the commencement o f mining operations and on each anniversary date thereaf ter i n an amount equal t o 5% o f the amount received by the Company from the sa le o f minera ls extracted or produced from the sa id proporty i n the previous year a f t e r deducting therefrom the cost o f producing or ex t rac t i ng the s z i d minerals i nc lud ing a reasonable amount f o r ovcrhead u n t i l the vendors sha l l have been paid t h e f u l l sum o f F i f t y Thousand Do1 t a r s ($~O,OOO,OO). The sgroemcnt fu r the r providcs tha t such payment sha l l be i n the minimum amounts’of $3,000.00, $6,000.00, $l0,OOO.OO-$l~,OOO.OO and $16,000.00 i n each o f the f i r s t , second, th i rd , f o u r t h and f i f t h years o f production respect ively. The Nineral Claims Jay PJo. 1 and No, 2 and T. iios. 1 t o i n c l u s i v e were staked by agents o f the Company on behal f o f the Company and tv\incrsl Leases North Pole Lot 518 and Vik ing Lot 522 were appl ied f o r and acquired by the Company d i r e c t from the Crown.
As f a r 2s i s known t o the Company, no persons other than those rncntioned i n sub-psragraph ( i i ) o f t h i s paragraph (m) hsve received or sre t o receive from thc vendors o f the property t o the Comapny sn i n t w e s t i n the considcrat ion received or t o be received gr9atcr i n moun t than one- twent ie th (1/20th) thereof. .
The vcndors o f p ropc r t i es known as Mineral
\ J i t h respect t o t h e
( i i i )
1
( i v ) ( a ) Mountain approximately 90 miles southwest o f Burns Lake,
The TA, AT, T and Jay proper t ies a r e located on Teslzl
c
C.C. as more p a r t i c u l s r l y shown on the map. Prcscnt access i s by f l o a t plane from thc v i c i n i t y o f Burns Lakc t o Testa Lakc and by foo t t r a i l up Tssla Mountain, equipment w e trsnsportcd t o the s i t e by a i r c r a f t or he l icopter , .Channel would appear foas ib l c i n the event development o f the propc r t i cs i s j u s t i f i c d .
A t t h i s stsgc selected supplies and
Access by road from Simsquit on Dean
(b ) The Selby proper t ies are located approximately one m i l e northeast o f Tuck Lake, which lokc i s approxim2tcly f i v e mi les northwest o f Cowichcn Lake on Vancouver Island, The Val Claims are located approximately ten mi les no r th o f the C i t y o f Duncan, Vancouver Island,
( c ) The Mineral Leases North Pole 2nd Vik ing are located on the no r th shore o f the Albern i Canal approximately 18 mi les west o f the C i t y o f Albcrni , Vancouver Island.
(V) There has been no undarground exp lo ra t i on development on any o f the proper t ies and therc i s no p l s n t or equipment f o r such work,
( v i ) (a ) Surface prospecting and sampling m d geophysical reconnaissance hcs been undertaken on the TA and AT proper t ies cs more p a r t i c u l a r l y r e f e r r e d t o i n SCHEDULE I 1 h s r e i n s f t c r contained, Therc i s no p l s n t or equipment f o r such wort;,
(b ) No work has been undertaken by the Company on i t s proper t ies other than thc TA 2nd AT Claims,
( v i i ) The TA C l a i m s were staked by John C. Kay on Novcmbcr gth, 1963 on behal f o f John C, b y , Thomas E, K i r k and John L. Powney, the sGid claims bcing subsequently so ld and t r m s f e r r c d t o the Company, The Va l Claims wcre staked by John S , Ray on February 14, 1963 2nd subsequently Gssigned and t ransferred t o John C. Kay who held the c la ims on behal f o f h imsel f and Thomas E, Kirk, which p a r t i e s then so ld 2nd assigned the claims t o the Company. The Selby Claims were staked by Thom2.s E, X i r k on Jun;: 10, 1962 and held by Thomas E. Kirk f o r himself, John C. Kay and Hubert Veydert, the c la ims being subsequently so ld m d assigned t o the Company, John C, Kay on June 9, 19& Q S agent f o r the Company. The Jay Claims were staked by Thomas E. K i r k on July 25, 1965 as cgent f o r the Company, The T C l a i m s were staked by John C. Kay on July 29, 1965 as agent f o r the Company, The Mineral Leases North Pole and Vik ing were issued i n the name o f the Company on August 5, 1965.
Thc AT Claims wcre staked by
1
( v i i i ) Descr ip t ion o f a l l the work done and improvements made by the Company under the present management i s more p a r t i c u l a r l y re fe r red t o under Schedule I 1 hereof.
(n ) There are no s e c u r i t i e s o f the Company i n respect o f which opt ions have been or are t o be given and there are no underwri t ing agree- ments i n existence or contemplated by the Company,
The Company i s o f f e r i n g by t h i s prospectus 200,000 shares a t 5Oc each, There i s no discount being given on any o f the shares offered.
The Company may pay commissions o f up t o 29% on the s a l e o f any shares i n respect o f which t h i s prospectus i s issued t o any person or e n t i t y e n t i t l e d by and t o charge atid r ccc i ve sa id commissions,
(0) P a r t i c u l a r s o f plans f o r f u t u r e explorat ion and development are re- f e r red t o i n the geology and geochemical survcy repo r t attached a s Schedule I1 hereto. A l l o f the proposed explorat ion and development i s t o be c a r r i e d out on the Company's Tesla Mountain property and a d e t a i l e d l oca t i on map o f t h i s property i s included w i t h t h i s prospectus. o f s e c u r i t i e s are:
Proposals f o r expenditure o f the proceeds o f the sale
Equipment purchase inc lud ing geophysical and
Explorat ion by geophysical survey, trenching, pncksack d r i l l i n g , inc lud ing wages and camp const ruct ion w i t h prov is ion being msde f o r
geochemical equipment, camp gem 2nd supplies. $ 7,500*00
6 men f o r approx, 4 months a5,ooo. 00 Diamond d r i l l i n g , say 2,000 ft. @ $ l O , O O per ft, o f known showing and o f others ind icated t o e x i s t inc lud ing camp operating costs and t rzns- po r t s t i on , camp t o be serviced by a i r c r a f t
Administrat ion and o f f i c e expense
40,000 .OO 7,500 ,OO
Supervision and consul t ing 5 ,OOO.GO $85,000.06
No p a r t o f the proceeds sha l l be used t o invest, underwnitc, or t rade i n s e c u r i t i e s other than those t h z t q u a l i f y a s investments i n which Trust Funds may be invested under the laws o f the j u r i s - d i c t i o n s i n which the secur i t . ics o f fe red by t h i s prospectus may l a w f u l l y be sold.
Should the r e g i s t r a n t propose t o usc the proceeds t o acquire non t rus tee type s e c u r i t i e s a f t e r the i n i t i a l d i s t r i b u t i o n of the secu r i t i es , o f fe red by t h i s prospectus, approval by the shnrehelders must be obtained and d isc losure made t o the regulatory s e c u r i t i e s bodies having j u r i s d i c t i o n over the sa le o f the s e c u r i t i e s o f fe red by t h i s prospectus.
(p) The Company was incorporated on June 25th, 1962 and commenced ca r ry ing on business on tha t datc and has continued ca r ry ing on business since incorporat ion. '
(9,) No s u b s t m t i a l indebtedness i s t o be created or assumed by the Company t h a t i s not shown on the balance sheet o f t h e Company f i l e d w i t h the Superintendent o f Brokers f o r B r i t i s h Columbia, a copy o f which balance sheet accompanies and forms p a r t o f t h i s prospectus a s Schedule I hereto.
( r ) The p r i n c i p a l businesses i n which'each D i rec to r o f the Company hGs been engaged dur ing the immediately preceding three years are as fo l lows: . . (1 ) Thomas K i r k has been employed by the Department o f
National Defcnce, Transport Div is ion, f o r the past ten years. prospecting a c t i v i t i e s as t ime from h i s normal employment a1 lowed. John Ceci l Kay has f o r some t ime been s to re manager o f Sims Auto Supply Co., V ic tor ia , B.C. number o f years devoted summer months t o prospecting.
Through the yenrsMr. Kirk has engaged i n
( i i ) M r . Kay has f o r a
(iii) John L . Powney has been engaged i n prospecting and timber c r u i s i n g f o r many years,
( i v ) B a E m Edworthy i s Zn e l e c t r i c i a n , formerly employed by the T, Eaton Co. i n tha t capaci ty f o r many years and now employed by the Department o f 'National Defence.
( v ) Henry Holland i s employed by the Department o f National Dcfence i n the Motor Transport D i v i s i o n and has occupied a p o s i t i o n i n tha t Department f o r a considerable number o f y e w s
( v i ) Lzurcnce Kerr idge i s il r e t i r e d Lieutenant Commander, having served a considersble number o f years w i t h the Royal Canadian Navy.
( s ) Each of the D i rec to rs Thomas Ki rk , John Ceci l Kay and John L. Powney, hc ld i n t h e i r own names 2nd f o r t h e i r own account var ious proper t ies of the Compeny which proper t ies were conveyed by such D i rec to rs t o the Company f o r stiarcs and other considerat ion as more p d - i c u l n k t y set f o r t h i n paragraph (rn$+wwf-.
( t ) The fo l l ow ing has been paid as wages t o the fo l l ow ing D i r e c t o r s and Of f i ce rs o f the Company dur ing the f i s c a l per iod l a s t ended:
Thomas' K i r k John Ceci l Kay - Vice-president & Oirecton - $2,000.00
President & D i rec to r - $4;400.00
l o .
( u ) The f o l l o w i n g i s c?n es t imate o f t hc remuneration t o be p s i d t o O f f i c e r s 2nd D i r e c t o r s o f t he Company du r ing the cu r ren t f i s c a l year: :
Thomas Ki rk - Prcs idcn t & D i r e c t o r - $4,400.00 John Cec i l Kay Vice-pres ident & D i r e c t o r - $3,OOO.OO
The vcndors c f t ! ic c ls ims rc f c r rGd t o i n sub-paragraph ( i i ) o f parsgraph (m) I?creof, a re s b l e t o e l e c t tr m a j o r i t y o f t h e D i r e c t o r s o f t he Compmy.
No d iv idcnds have been pa id w i t h i n the f i v e p a r s prcccding t h e date o f the prospectus,
( v )
( w )
( x ) From t ime t o t ime escrow shares r e f e r r e d t o i n paragraph ( i ) hc rco f mzy, sub jec t t o thc conscnt o f t h c Superintendent o f Broka-s, be re1 m s e d and so ld w i thou t thc proceeds the reo f accru ing t o the b e n e f i t o f t h e Treasury o f the Company.
The foregoing c o n s t i t u t e s il f u l l , t rue.and( p l d n d i sc losu re o f a l l the ma te r ia l f a c t s i n respect o f the b f f e r i n g o f t he s e c u r i t i e s r e f e r r e d t o above, as requ i red by the S e c u r i t i e s Act o f t hc Province o f B r i t i s h Columbia, and the re i s no f u r t h e r ma te r ia l i n fo rma t ion appl i c s b l c o ther than i n the f i n a n c i a l statements o r r e p o r t s where . required,
( y )
. DATED a t V i c t o r i a , B r i t i s h Columbia, t h i s 20th day o f May 1966.
METEOR MIi!IflG CO. LTD. (N.P.L.) 574 Yates Street,,
. V i c t o r i a , B r i t i s h Columbia. 1 -
John L o Powney 2
by h i s a t to rney . i n f a c t ThomcS E * I\ t ' i r k * thornis E 4 r I<:
D i r c c t o r C Promoter D i r c c t o r €- Promoter
John C. Kav Ber t E. Edworthy' Oi l -ector G Promoter D i r cc t o r
. . . . . ..
. ,
I aurpnce 1. Kcr r i ciac k n r y \I. i io l land D i r e c t o r ' D i r ec t o r
*
Meteor Mining Co. Ltd. ( N . P. L.) Schedule I
Balance Sheet
as a t January 31, 1966
Assets
Current Assets Cash on hand and i n bank
Mineral C l a i m s A t c o s t (Note 1)
$ 14,819.82
425,000.00
Fixed Asset5 - a t cost1 (Note 2 ) F u r n i t u r e and f i x t u r e s $ 1,064.SO
Truck . 631.00 3,008.70 Mining equipment 1,313.20 '
Deferred Expenses - Schedule I Exp 1 o r a t i o n 17,029.15 Adminis t ra t ion 14,050.72 Inco rpora t ion I 212.28. . ,31,292.15
I . 0 , 4?4,120.67 I , .
, .
L i a b i l i t i e s ,
Current L i a b i l i t i e s - (Note 3 ) Bank loan Accounts payable - t r a d e . Accounts payable 7 shareholder
Deferred L i a b i l i t y - Shareholders - (Note 1)
Shareholders ' Equi ty C a p i t a l Stock (Notes 1 and 4 )
Authorized
200 . 00 809 . 67
4,965.00 5,974.67
50,000.00
3,000,000 sha res of nominal o r p a r
I ssued and f u l l y pa id va lue of $ .50 each
293,737 sha res f o r cash $ 146,868.50 less, d i scoun t 109,433.50 37,435.00
750,000 sha res f o r mineral claims 375,000.00 Share subsc r ip t ions received
23,984 shares f o r cash 11,992.00 - less, d iscount 5,996 . 00 5,996.00
1,067,721 418,431.00 Less , commissions on sha res i ssued 285.00 418,146.00
474 , 1 20.67 Signed on Behalf of t h e Board
I1T, E. Kirk" D i r e c t o r I I J . C. Kay'' D i r e c t o r
V i c t o r i a , B. C . March 14, 1966
This i s t h e Balance Sheet r e fe r r ed t o i n my r epor t of t h i s da t e . George R, Roberts, BDCom., Chartered Accountant
. . .
, ., . . . Auditor's Report t o t he Shareholders
L have examined the balance sheet of Meteor Mining Coo Ltd, My examination included a general (N. P, L , ) ' a s a t January 31, 1966.
review of the accounting procedures and such tests of accounting records and o the r supporting evidence as I considered necessary in t he circumstances.
I n my opinion the accompanying balance shee t supplemented - by t h e nqtes. and schedule of defer red expenses presents f a i r l y the f i n a n c i a l pos i t i on of t h e company as a t January 31, 1966 and the
' r e s u l t s of i t s operations f o r t h e fou r months ended on that da te , in accordance with genera l ly accepted accounting p r inc ip l e s applied on a b a s i s cons i s t en t with t h a t of t h e preceding year.
.
*
- ' March 14, 1966' V ic to r i a , B. C.
wq George R, Ro rts, B.Come, Chartered Accountant
. . . .... . . . . . , . . , , 8 ' ; ,
. . . . . - ... :. ' . .
. .
. . .
Schedule I
. .
Meteor Mining Cob Ltd. (N, I?, L,)
- Deferred Expenses
For the Period Ended January 31, 1966
' +
. - _ Exploration
. .
* , Deferred Expenses
As at , During' As at September 30 the January 31
1965 FQur Months 1966
Surveys, trenching, d r i 1 l i n g , t rave l and transportation $ 11,271.56 $ 657.59 $ 11,929.1'5
Vages 5,100.00 - 5, LOO. 00 16,371 56 657.59 17,029. 15
Admini s t rat ion
Legal and audi t 2,178 . 38 115.00 2,293 38 Office, printing and advert i s ing 3,305,32 1,500.68 4,806.00 Rent, 1,ight and telephone . . 1,256,86 272 . 48 1,529-34 Wages . - 3,535,70 1,886 . 30 5,42 2.00
A- LO 276.26 __y_ 3,774,46 14,050.72
- . 212,28 -
--- - 212,28 ----- Incorporation
\ . I
Total Deferred Expenses .26,860 10' ': ' 4,43,2.05 $1,',-29 2 I) 15
. I , . . . . ,. .. - .
Meteor Mining Co. Ltd. (N, P, Lo)
- Notes t o F inanc ia l Statements
as ,it January 31,. 1966.
1, Mineral C l a i m s
The c o s t of minera l c l a ims he ld by t h e company was determined
1 . 750,000 s h a r e s of $ .50 p a r va lue each were i s s u e d as f u l l y pa id i n c o n s i d e r a t i o n f o r the minera l claims $ 375,000.00
2, The company en te red i n t o an agreement with c e r t a i n sha reho lde r s t o pay them $ 50,000.00 ou t of the proceeds of product ion from the TA p r o p e r t i e s
a s follows:
50,000.00 425,000,OO
2. Fixed Assets
No p r o v i s i o n has been made f o r d e p r e c i a t i o n of f i x e d assets 'to January 31, 1966 i n accordance with t h e accepted p r a c t i c e of Canadian 'Mining companies of d e f e r r i n g any d e p r e c i a t i o n u n t i l the product ion pe r iod has commenced .
3, Current L i a b i l i t i e s
Accounts payable t o sha reho lde r i nc ludes : Loan t o the company by T, E, Ki rk $ 765.00 Wages payable t o T, E , Kirk 4,200,OO
4,965 .OO
4 . Capi t a l Stock
The company rece ived n e t cash of $ 5,996.00 as f u l l y paid These are i n the p rocess of being s y b s c r i p t i o n s f o r 23,984 shares,
. ' ' a l l o t t e d and i ssued .
5 , Values
The amounts shown f o r Mineral C l a i m s and Defer red Expenses r e p r e s e n t c o s t s t o d a t e and are not in tended t o ref lect p r e s e n t o r f u t u r e va lues .
..
SCHEDULE I 1
REPORT o f
GEOLOGY AND GEOCHEMICAL SURVEY
TESLA MTN PROPERTY OF METEOR MINING CO. LTD.
. .
Sept. 3rd, 1965
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. . . . , . , . I , .:.
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i
CERTIFICATE
I, Anthony C. Carr, of Brentwood College, P.O. Cobble Hill, in the Province of British Columbia, DO HEREBY CERTIFY THAT:
I .
1. I a graduate geologist, I graduated in Geology from Trinity College, Dublin, in 1959. Since then I worked-one field season f o r an exploration company in Southern Rhodosia,
2. I have no direct or indirect interest whatsoever! in tho property of Meteor Mining Co. Ltd. (N.P.L.) described in the - accompanying prospectus on i n any security pertaining thereto, nor do I expect to receive. any in the said properties or securities.
3. I have made personal examination of the mineral showings and surrounding area on the property o f Meteor Mining Coo Ltd, (N.P.L.) on Tesla Mountain, B.C. in July and August, 1965, and my report f i l e d with the British Columbia Securities Commission namely %Feochemicst and Geological Report, Tesla Mountain property o f Meteor Mining Co, Ltd., dated September- 3ed, 1965U1*, i s based on these. examfnotions.
4. sampling and testing, on which this. report i s based. ducted the geological survey and examination o f the workings,
I personally conducted a geochemical Survey, both so i l I also con-
DATED this 3rd day o f September, 1965.
* r
A.C. Casr. M.A. Geol.
8
. 'I
LOCATION AND ACCESSABILITY:
The property i s located i n West Central B.C.4n the northern p o r t i o n o f Tweedsmuir Park. Access t o the property was gained by f l y i n g from Tchesinkut Lake (near Burns Lake) t o Tesla Lake (31501), from the re by t r a i l t o the c i rque near the showings (5200'). the Lake and i n the c i rque and supplies f o r the upper camp were f lown i n by he1 icopter.
'
Camps were set up on
I n the event o f a mining operat ion being set up, the.most economical rou te would be t o deep sea water a t Kimsquit. invo lve b u i l d i n g a road some 30 mi les long through good mountain passes.
This would
SUMMARY AND CONCLUSIONS :
The showings exposed by t renching and p i t s i n d i c a t e h igh grade copper m ine ra l i za t i on i n the area oven. a distance o f 100'. l i e s i n f a u l t e d contact t o the south but no d i r e c t terminat ion was found t o the nor th due t o t1ic presence o f t a l u s overburden. Fur ther n o r t h and d i r e c t l y d o n g the l i n e o f s t r i k e barren brecc ias and minor m ine ra l i za t i on i s found; 'However the se l f -po ten t i a l and geochemical survey's both found a rcos6n&ly strong anomaly cont inuing over t h i s area and t h i s might i n d i c a t e a p i t c h o f the ore zone towards the north.
Th i s
* . .
The t c t m h e d r i t k tone was discovered and examined t h i s year. On surface there i s evidence o f strong ox ida t i on shown by a z u r i t e and malachi tc but good samples o f t e t r a h e d r i t c were a l s o found. One grab sample o f t h i s assayed 130 0 2 . s i l v e r and 5.10% copper. tak6.n 6ve-r 3%' o f s t r i k e assayed 56.30 02. s i l v e r and 3.5% copper. This zone could only be fol lowed f a r 120' along s t r i k e due t o the d i f f - i c u l t y o f the t e r r a i n and the amount o f f r o s t shattered overburden.
A c h i p sanlplc
.
I n conclusion I would say t h a t the r e s u l t s were encouraging and t h a t f u r the r t renching and shallow d r i l l i n g could expose the nature of the h igh grade ore zone t o the north. o f t k e showings. i s found i n t h i s zon'e then a major body might be proved i n t h i s area.
I f any consistcncy
8 % I ,
SURVEY: 1_
* -
The survey was c a r r i e d out l a t e i n July and e a r l y i n August 1965. A base l i n e was run along the s t r f k c but t o the wcst o f the show-
. ings f o r 15001. Every 150' a s ide l i n e , 4001 each side, was run and every 501 along these l i n e s and the base l i n e was marked by annotated pickets. The survey was run by tape and compass i n t h i s g r i d wea.
METHOD :
The Geochemical method measures the actual concentrat ion o f copper i n the s o i l i n micrograms or pa r t s per mi l l ion. . There i s a l o w background count o f copper i n every s o i l sample but values higher than t h i s r e l a t e t o copper m ine ra l i za t i on i n the rock tha t has been oxidized and the s a l t s produced percolate through the s o i l by ground water and c a p i l l a r y action. I n the event o f there being h igh concentrat ion o f copper t h i s would i nd i ca te good grade m ine ra l i za t i on i n the immediate area b
1 So i l samples were taken a t every po in t on the g r i d i.e.
every 50'. The s o i l was taken from the base o f the A1 Horizon and i n the absence o f vegetat ion from the top o f the B-horizon, the only s o i l present was t h a t o f the Ao type i.e. decayed Vegetation. The presence o f such samples have been instrumental i n determining the discontinuous pa t te rn o f anomalies and therefore i so la ted low values i n h igh areas have been ignored.
I n many cases
One gram o f each sample was taken and digested w i t h a solvent conta in ing Sodium Acetate end Acet ic ac id (1:2) which maintains a ph4, a c i d paper. copper rubeanate which being a l a rge slow'moving molecule moves only a small d istance from the po in t o f the cone. Therefore- for normal conccn- t r s t i o n s o f copper Q small po in t o f b lue appears, f o r larger concentra- t i o n s a bigger spot appears, the s i ze and i n t e n s i t y being d i r e c t l y pro- portional t o the concentrat ion o f copper i n the soil.
The mixture was poured i n t o f i l t e r paper cone r e s t i n g on rubcanic Any copper s a l t s present i n the mixturc form the blue complex
I n the f i e l d ten d i f f e r e n t concentrat ions o f copperr were Several recognized and these eri: recorded on the accompanying plan.
con t ro l t e s t s w e r e c a r r i e d out i n the Dept. o f Mines Laboratory on samples o f known copper content. the f i c l d r e s u l t s w i t h actual p.p.m. copper. were then drawn along concentrat ions o f 25 p,p.m. 50p.p.m, and I00 p 0 p f i .
s
These r e s u l t s were used t o c o r r e l a t e The anomaly contour l i n e 5
R E S U L TS : *
The r e s u l t s ' o f the survey a re shown on the map attached t o . .
the repo r t and one p r o f i l e was drawn across the h igh gnade.minero1ization.
D I S C U S S I O N OF RESULTS: c
I n the imrnediatc area o f the high grade m ine ra l i za t i on a strong anomaly o f over I00 p.p.m, exis ts , hSgh values recorded but values o f over 50 p,p.m. were found over a
On the surface these regions only showed scattercd m ine ra l i za t i on w i t h pods o f cha lcopy r i t e where the N30°E sheer meets the N70°E shear. The rock type tias Q f r e s h appearance and there i s l i t t l e euidcncc o f my leaching except i n j o i n t and shear planes.
A t no other plece were such
. length o f 500' along the same s t r i k e .
A t N32, €4 some b l a s t i n g and trenching was c a r r i e d * . f out but n~ improvement was noted d i r e c t l y beneath the surface.
I n the two zones t o t h e west o f the base l i n e cha lcopy r i t e was found disseminzted throughout the rock and zone appeared t o be con- s i s t e n t over the exposed region i n the anomalous-area. m h e r s l i z a t i o n va r ied from .5 t o 1% chalcopyr i te.
The grade o f
The b a r i t c ve in shows only a vcry weak anomaly, but t h i s could be caused by the f a c t t h a t the i nso lub le b a r i t e c o u l d not a l l ow the copper minerals locked i n i t t o pe rco la te i n t o t h e s o i l .
CONCLUSIONS:
(I) The Geochemical method i s appl icable t o t h i s region i f unsui tab le s o i l samples can be avoided i n the marshy areas or alloivancc i s made f o r such s o i l cond i t i on when i n t e r p r e t i n g resu l t s .
(2) The survey showed tha t a h igh grade body i s present i n the cen t ra l region but t h i s can only be traced f o r 22.01 along s t r i k e . i n g i n t h e d i r e c t i o n o f s t r i k e the a t e n s i o n o f lower d u e s i n t h i s d i r e c t i o n could be explained.
I n thc event o f t h i s body p i t ch -
( 3 ) A considerable area, mostly covered by g l a c i a l d c b r i s was found on the west s ide o f t h e base: l i n e . I n t o t a l area the zone sppcars t o be promising; 7001 long and 50' t o 200' wide.. I t i s low grode.mincrm1 i r a t i o n . b u t ' i t would be a useful supplement t o a mining operation.
STRUCTURE:
Tesla Mountain i s a block f a u l t e d ho rs t which has been sub- j e c t e d t o a l a rge drag fo ld , w i n s and f i s h t a i l displacement on the conucx s ide o f the block. There are t h r e e main d i r e c t i o n s o f shearing o r f r a c t u r i n g v i zx -
This has produced many f a u l t s w i t h gash
. -
(a ) N 40% (b) N 80°E ( c ) N 30°E
dipping 60° t o N.E. dipping. 00' Va.ri$t ions a m N 7OoE and v e r t i c a l dipping'50' t o tL\!.
A and 0 arc conternporancous and are younger than C. I n the mineral ized area the j u n c t i o n between B and C Carrie; the greatest m ine ra l i za t i on but C c a r r i e s the h igh grade chalcopyr i te.
The area i s c u t by many t e r t i a r y dykes a l l past minera l iz - at ion. Their d i r e c t i o n i s haphazard and r e g u l a r swarms were found south o f the t e t m h e d r i t e zone.
S t r a t i f i c a t i o n o f the rocks i n the area was v e r y ' d i f f i c u l t t o assess due t o the absence o f marken beds and o the r guides. place only could an estimate o f S t r a t i f i c a t i o n be made, near t h e work- ings and t h i s suggested tha t the beds were dipping d u e east.
A t one
LITHOLOGY :
The predominant rock types were Andcsite lava. f lows and breccias. .This formation i s c u t by dykes o f s i m i l a r composition but conta in ing p lag ioc l ssc phcnocrysts. were observed i n t h e f i e l d and mapped i n but no conclusive s t r u c t u r e resu'l ted ,
Some loca l v a r i a t i o n s o f andesites
(4
NORKINGS :
This sect ion may be d iv ided i n t o four sub-divisions. I'."
( 1 (11) (111) The b a r i t e v c i n (1V) The te t rnhcd r i t e zone
,High grade zone and associated m ine ra l i za t i on The lower grade zone t o tha west o f (1 )
c
( 1 The main zone i s sxposed by f i v e trenches and some surface outcrop. Throughout the exposed area good grade cha lcopy r i t e i s shown on a reasonably f resh surface a1 though examination o f the 1 imonite suggests tha t considerable leaching has occurred i n thc main trench C2. Minera l i za t i on i s hypogene and should p e r s i s t to some depth. ma.in t rench C2 was furnished t o me by the company and t h i s reported 1.5% copper over 561.
An assay taken along the 1
Visual examination o f the lower po r t i on o f t h i s zone I
i $ showed 10% copper; over; 4 ' .
I t wss calcu lated tha t the t race o f t h i s outcrop would have a bearing o f N 3 4 O E fvom the main t rench and i t was noted t h a t some 150' from t h i s t rench an outcrop ' o f sparsely minerel ized rock was i n place. The arec beyond t h i s was thoroughlay examined but only i s o l a t e d copper occurrences were. found.
( 2) posed i n one t rench and i n several hondbisstcd openings, the w r f a c e shows no i n d i c a t i o n o f copper but some 1 P t o 18l1 below surface d i sscdna ted chslcopyr i tc, w i t h s t a i n along the j o i n t planes can be observed. The grade va r ies from * 5 t o 1% and by consider ing the two anomalous areas;the s i z e o f t h i s body i s 7001 1,ong and 50' wide. features. but the remainder o f t ha t area i s covered w i t h g l a c i a l debris,
( 3 ) '
workings and i s 200' long by 2 ' = 51 wide, The va in is r a r e l y pure b a r i t e but contains the mineral i n a ma t r i x o f b u f f colourod siliceous matter. Thc average s t r i k e - 1 i s N40°E, d ipbing t o t h e L E . a t 40'.
The ares where t h e dyke crosses the ve in con'tains thc best minera l izat ion, Chelcoc i tc i s found i n the b a r i t e and cha lcopy r i t e w i t h some galena i s found i n the con tac t zone. t h i s vein,
The Low grade zone t o thc west o f the msin'zone has been ex- I n many cases
The Nbrthern pocket o f t h i s . zone i s c u t by dykes which form minor
The " B a r i t e Vcfn" i s fo*und i n thc.westcrn p o r t i o n o f the
The v*4n i 's- cu t by a dyke which runs par.alle1 t o i t fotr 6 0 L
To date no assay r e s u l t s are a v a i l a b l e from
(4 1 The c i rqpe t o the cas and gas f o l lowed N 80 E and d ips 3 shear, m i n e r d i w
t e t r a h e d r i t e zone occurs h igh i n t h e backwall o f il sBal l t o f the main workings. The outcrop t race runs N 80 b1 for; 1201 along 400 slope, The f r a c t u r e zone e t r i k g s so t o the south. Whorc t h i s f r a c t u r e meets t h e N 4.0 E t i o n i s the greatest b u t persistent. mineral i z a t i o n w i t h
teBrrshedrite i s found wi th the former- f r a c t u r e d i rec t i on . , . . .
The zone i t s e l f i s 4.j wide but o a r r i c s te t xahedr i t e f o r only Thc t e t m h e d r i t e i s massive and a l s o c a r r i e s a high percent- a 611 width.
age o f azu r i t e , and 5.1 0% o f copper.
A grab sample from t h i s zone assayed 130 02. o f s i l v e r
(5)
RECOMMENDATIONS :
( 1 ) A concentrated e f f o r t should be made t o prove t h e peen sistence o f the main zone beyone the most no r the r l y trench, As a pack- sack d r i l l has been brought up t o the workings i t was recommended tha t c lose spaced short holes be drilled t o f i n d the extension o f t h i s zone. A t the same time 50' holes should be drilled i n t o the ma in zone. t o de- terminc exact ly i t s nature below surface and t o f i n d thc hanging and f o o t wa l l s o f the zone,
( 2 ) possible extensions beyond the t a l u s should be looked f o r , This zone l i e s i n d i f f i c u l t country w i t h much loose rock from the f r o s t shattered walls. There. i s no soil developed and i t seems very u n l i k e l y t h a t geochemical or geophysical reconnaissance would be o f any value i n t h i s region.
The t e t r a h e d r i t e zone should be cleared o f debr is 2nd
Respectful 1 y submi t t c d
SIGNED: A,C, Cartr M, A. Geol,
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1 1 1
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SNOW
Brentwocd Col 1 ege, P.O. Cobble H i l l , B.C. A p r i l 29, 1966
PROGRESS REPORT
I have not v i s i t e d the Tesla Mountain p roper ty o f Meteor Min ing Coo Ltd. (N.P.L.) s ince my r e p o r t o f t h e Geology and Geochemical survey dated September 3rd, 1965, however the f o l l o w i n g i n fo rma t ion has s ince been supp l ied t o me by the management o f the Company.
"Addi t ional t rench ing was c a r r i e d out on the B a r i t e Zone uncover ing f u r t h e r m i n e r a l i z a t i o n c a r r y i n g low values i n s i l v e r and lead. Approximately 1000 ft. wester ly from the main copper zone f u r t h e r m i n e r a l i q a t i o n was p icked up, i n g assayed 7.65% copper w i t h low valuas.go1d and
A grab sample f rom t h i s show-
No f u r t h e r work has been c a r r i e d ou t due t o the weather: cond i t i ons i n the area, however i t i s a n t i c i p a t e d t h a t t h e scheduled work program w i l l commence e a r l y i n June, 1966, under t h e superv is ion o f J.A. M i t c h e l l P. Eng., consu l t i ng engineer.
. . .. S IGNED :
R.C. Carr M,A. Geologis t
I
Brentwood Col fcgk, '
P.O. Cobble H i l l , B.C. A p r i l 29, 1966
Meteor Mining Co. Ltd. (N.P.L.) 574 Yates Street , . VICTORIA, C,C.
Dear S i r s :
This i s t o conf i rm tha t the management o f Meteor Mining Coo Ltd. (N.P.L.) has discussed w i t h me the proposed use o f funds a t i t s Tes la Mountain property, more p a r t i c u l a r l y * re fe r red t o under paragraph ( 0 ) o f the accompanying Prospectus. ' I have considered the an t i c ipa ted cost o f ca r ry ing out the program o u t l i n e d in my repo r t r e f e r r e d t o under: Schedule I f hereof, a n d . i n my opinion the expenditures r e f e r r e d t o under said paragraph (0) are necessary t o ca r ry out my recommendations.
I
Because o f the high cost o f access and the short ex- p l o r a t i o n season.on the T e s l a Mountain property, I have agreed t h a t i t i s reasonable t o provide these funds dur ing 1966 so t h a t a maximum amount o f explorat ion can be done i n one season.
Yours t r u l y ,
A.C. Ca r r i4.A. Geologist
