Cartaway forms JV in Labrador

Cartaway Resources (CWA-A), the junior Labrador nickel seeker that saw its stock skyrocket earlier this year only to crash back to earth in a matter of days, has sold off a large chunk of its properties in the Okak South area.

In return for gaining a 40% interest in the Cirque and other properties, KBK No. 134 Ventures will advance Cartaway $2 million for exploration. Also, Cartaway has issued a $500,000 convertible debenture to KBK.

Cartaway’s current drill program will continue until November.

Assay results from the Cirque property released this spring included 8 metres of 0.25% copper, 0.23% nickel and 0.1% cobalt, and 5.1 metres of 0.44% copper, 0.28% nickel and 0.12% cobalt.