A base metals property has been optioned by Card Lake Resources (COATS). Located in the Tumpline Lake area of the N.W.T., the property is 60 miles northeast of Yellowknife.
Grab samples from two showings returned assayed up to 27% zinc, 10% lead and 25 oz silver per ton. The project is near the Sunrise deposit controlled by Aber Resources (VSE). The Sunrise hosts reserves of 1.8 million tons grading 10% zinc, 4.2% lead and 14.4 oz silver.
Card Lake can earn a 65% interest in a portion of the claims by spending $500,000 on exploration by Sept 30, 1991. Property payments totalling $150,000 must also be paid by 1991.
The remaining section of the claim group is held under option by Falconbridge Ltd (TSE) which can earn a 51% interest after spending $100,000. Card Lake has the right to earn a 50% of the vendors 49% interest in this block.
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