Placer Dome (PDG-T) has exercised an option to earn majority interests in three gold properties in the Birch-Uchi greenstone belt of northwestern Ontario.
To earn 65% interests from Fronteer Development (FRG-V), the major must spend $2.5 million on exploration over the next three years. Another 10% will be granted in return for a bankable feasibility study and the arrangement of development financing.
Dubbed Balmer, Portage and Sandy Point, the properties have returned up to 21 grams gold per tonne in channel sampling. Mineralization is associated with quartz-veining.
A surface exploration program is under way, and drilling will follow.
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