Latent assets of Frobisher Ltd. are being converted into producing operations as quickly as possible so as to provide future revenue, President A.J. Anderson told the annual meeting of shareholders.
In the Seal Lake area of Labrador, several hundred scattered medium to high-grade copper occurrences have been located within Frobisher's concession area. While none can be designated as orebodies, their frequency and strength of mineralization indicate important possibilities. Kennco Explorations (Canada) Ltd., a Kennecott Copper Corp. subsidiary, has joined Frobisher in the search for copper orebodies in the area. Kennecott will finance and conduct the 1956 exploration program.
Frobisher prospecting crews in Labrador have made a uranium discovery of some importance south and east of the original copper concession area. Sporadic, but high-grade, silver values were found associated with pitchblende at erratic intervals over a strike length of 1,800 feet.
Application has been made for an additional concession area of 290 square miles to permit investigation of this and other possible similar occurrences in the vicinity. Frobisher's 1956 Labrador program will be confined to detailed exploration of this occurrence and a search for other similar radioactive deposits.
— Toronto Globe and Mail, June 13, 1956