Alberta-listed Roycefield Resources has agreed to acquire the remaining half interest in the 1,920-acre Beaver Brook antimony property in central Newfoundland.
To do so, it will issue 2.3 million treasury shares. The company is currently stripping a 150-by-50-metre area at the Central zone on the Beaver Brook property to allow for the collection of a bulk sample. Based on previous drilling, the Central zone is estimated to contain 134,000 tons grading 5.76% antimony to a tested depth of 300 ft.
Roycefield is also carrying out a 10,000-ft. drill program to test known antimony occurrences and, in particular, three antimony geochemical anomalies. The drill program qualifies for up to 50% cost-sharing under the Newfoundland Government Exploration Assistance Program (NEXAP). Diamond drilling is also under way on the company’s 2,800-acre antimony and gold property at St. Andre in the Matapedia area of Quebec.
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