Nearco formed to explore Thunder Bay

An agreement between Abitibi-Consolidated and Normiska (NCO-V), paves the way for the latter, a horticultural company, to acquire 1,942 sq. km. in the Thunder Bay region of Ontario.

Subject to final documentation and regulatory approval, Normiska will transfer the property to a newly formed subsidiary, Nearco Minerals. Derek Bartlett, past manager of Goldfields Canada, and Hugh Harbinson, who assisted in the merger of Queenston Mining and Joutel Resources to form Thundermin Resources (thr-t), have been hired to manage the subsidiary and seek a listing on a public exchange.

The Abitibi agreement calls for Normiska (or “Nearco,” if accepted) to pay $3.15 million over 10 years in exchange for the ground. Abitibi retains the right to a 30% interest on certain terms and conditions, as well as a 2.5% royalty.

Normiska notes that there is little known about the property, owing to its history as “freehold land.” However, the claim blocks are near the Lac des les palladium mine of North American Palladium (PDL-T) and are therefore considered prospective for palladium as well.

Preliminary evaluations are under way.