Exploration for gold-bearing iron formations on the Russell Lake claims in the Northwest Territories will continue following an agreement between Asarco (NYSE) and Fortune Minerals (COATS). Asarco has agreed to spend $600,000 over four years to earn a 60% interest in the property 100 km northwest of Yellowknife. Fortune will remain as operator on the project, at least until the partners can investigate anomalies outlined during recently flown geophysical surveys.
During the follow-up, Fortune will focus on extensive conductors believed to be sulphide-bearing iron formations. Fortune has already identified several iron formations on the property, which have yielded grades of up to 0.26 oz. gold per ton. Fortune says the formations are similar in structure and composition to the iron formation that hosts the Lupin mine.
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