Green Coast Resources reports it has assigned an option to Wilco Mining on a property about 60 mi west of Thunder Bay, Ont., near Upper Shebandowan Lake.
Under the agreement, Wilco can earn an 80% undivided interest in the property with the expenditure of $400,000 in exploration and development work by the end of February, 1989.
Green Coast says it will retain a 20% working interest in the property, subject to dilution for non payment, to a carried 10% net profit interest.
According to Green Coast President Gabriel de Diveky, exploration work will get under way within a few weeks.
Mr de Diveky says the Vanguard prospect, as it is known, was explored for copper in the 1940s and 1950s, but has not been explored since. Mineralization occurs in a chert horizon that has been traced for about 4,000 ft.
Recent sampling has given high values in zinc and silver, together with significant gold, he said.
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