A letter of intent has been signed by Ressources William (ME) with Teck Exploration, a unit of Teck (TSE), which will permit Teck Exploration to earn a 51% interest in the 38-claim Montgay property about 55 km northeast of Val d’Or, Que.
Reducing its interest in the project to a royalty would be Billiton Resources Canada.
Previous drilling at the project indicated the presence of zinc and silver mineralization.
Teck must spend $1 million on exploration work during a 3-year period and make a $200,000 payment (in five instalments) to earn its interest. Should Teck earn its interest, William would retain a 24% interest in six claims and a 49% interest in 32 claims. Claude Resources (TSE) would retain a 25% interest in the six claims.
Billiton would own a 1.5% net smelter royalty on all of the claims.
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