A joint venture agreement has been signed between Epoch Capital (VSE) and Noranda (TSE) to explore the Burnt Pond base metal property in central Newfoundland. Under the terms of the agreement, Noranda can earn an undivided 50% interest in the property by making cash payments of $150,000 and work commitments of $850,000 by Jan. 15, 1993.
The Burnt Pond property is in the Tally Pond volcanic belt northeast along strike from Noranda’s Duck Pond copper-zinc-gold deposit held jointly with BP Resources (TSE).
Previous exploration on the Burnt Pond property has detected base metal mineralization over a strike length of 600 metres, with significant values for copper, zinc, lead, gold and silver reported from surface sampling and diamond drilling.
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