Exploration for deep base metal deposits will begin in June, 1991, on Agnico-Eagle Mines’ (TSE) mining claims in Coleman Twp., near Cobalt, Ont. Legacy Explorations (COATS) has agreed to finance a $500,000 drilling program on the claims in order to follow up indications of deep-seated base metal deposits. The claims lie outside the vicinity of Agnico’s silver operations.
Norman Sheriff, president of Legacy, said the company will drill to depths of as much as 4,000 ft. to investigate four main targets. “The old (Cobalt) camp is dying,” he said. “We’ll see if we can get it going again.”
Last year, Agnico completed a deep-pulse electromagnetic (UTEM) survey on its Coleman Twp. claims and confirmed the presence of several previously identified conductors.
Legacy will earn a 40% interest in the claims if it contributes its share of the ongoing costs for the project. The companies would then form a joint venture agreement under which Agnico would be operator.
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