Teck to drill Barry gold property

The Barry gold property near Quvillon-Chibougamau, in northwestern Quebec, has a history of delivering plenty of smoke but no fire.

The property enjoyed its 15 minutes of fame in the spring of 1995 when Murgor Resources (MUG-M) reported some impressive sampling results.

Subsequent drilling, however, failed to hit significant mineralization.

This summer, Teck (TEK-T) will give the project another shot by carrying out an exploration program of ground geophysics and about 3,800 metres of drilling.

The major optioned the project last autumn and has the right to earn a 51% interest from Murgor and Freewest Resources (FWR-T) by spending $4.5 million on exploration over four years. The property consists of three claim blocks; one wholly owned by Murgor, and the others shared equally by the two juniors.

The agreement also calls for Teck to buy Murgor shares in stages over a 4-year period.

During the option period, Murgor retains the right to remove a bulk sample of about 150,000 tonnes. Once Teck earns it interest, subsequent work will be conducted as a joint venture with Teck as operator.