The Shear property near Aspen Grove in south-central British Columbia is being explored by Placer Dome (TSE) for its potential to host porphyry copper-gold deposits.
The major can acquire a 51% interest in the property from owners International Northair Mines (TSE) and a private company through cash payments and by spending $2 million on exploration by September, 1995. The agreement also allows Placer to increase this interest to 70% under certain conditions.
The Shear property was previously explored as a porphyry copper target with little emphasis placed on possible porphyry copper-gold deposition. Northair President Don McLeod says recent work has shown gold values do occur with copper in a porphyry copper-gold environment.
The initial program consists of line-cutting, mapping, soil and rock chip sampling, geophysical surveys and backhoe trenching. A surface diamond drilling program would follow if results from the initial phase of work are as anticipated.
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