Duncan Park Holdings announced that the planned geophysical survey has been completed by Abitibi Geophysics on its Red Lake Property.
The company has collected the results of the geophysical data analysis and the proposed targets are anticipated by April 2011 end. Subsequently, Duncan Park has planned a diamond drilling operation to examine the preferred targets.
Duncan Park’s diamond drilling operation on the land-based claims is anticipated to begin on summer 2011 and drilling on the lake-based claims will begin once the lake’s ice settings allow subsequent winter.
Also, the company will sign a definitive option agreement with Camp McMan Red Lake Gold Mines and Sphere Resources related to earn-in of the McManus property, given in the letter of intent signed between Sphere and Duncan Park at the beginning of 2011.
Duncan Park will offer $210,000 as option payment to Camp McMan to buy 100% interest in the McManus property, will gain $1,200,000 in exploration expenditures over the subsequent four years, and will issue 632,400 shares under certain situation. Sphere can get back a 51% interest by paying four times the amount shelled by Duncan Park.