Regulators have approved Tintina Mines’ (TSE) purchase of Amoco Canada Petroleum’s 50% interest in the Red Mountain molybdenum deposit. Tintina currently owns the other half.
The deposit, 50 miles northeast of Whitehorse, Y.T., is open at depth and to the north. It contains more than 200 million tons grading 0.167% MoS2. In other news, drilling is to begin on the Fort MacKay, Alta., property, jointly held by Tintina and NSR Resources (TSE).
Three targets will be investigated. One is a near-surface, relatively flat-lying stratigraphic unit from which precious metals have been reported on an adjacent property held by Focal Resources (ASE). The remaining two represent structural and Precambrian basement features which were identified during a mapping program earlier this year.
Tintina has also applied for 78 metallic permits in northeastern Alberta, which, when granted, will be jointly held with NSR.
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