An option has been acquired by Tanqueray Resources giving the company the right to earn a 10% interest in the Valley gold mine property. The project is located near Republic, Wash.
Tanqueray can earn the first 60% interest by spending $530,000 (US) over the next 14 months and making cash payments of $470,000 and issuing 100,000 common shares. The remaining 40% can be acquired for a cash payment of $1.35 million.
Intermittent production has been carried out at the mine from three underground levels since the 1960s. Tanqueray’s exploration program will test for the down-dip extension of the deposit which has the potential to add additional reserves. The geology is similar to that found at the nearby high grade Knob Hill gold mine operated by Hecla Mining Inc. Echo Bay Mine’s promising Kettle River deposit is also found in comparable geology.
On the Little Stull Lake property, located in Manitoba, operator Westmin Resources has started a drill program, The 20,000-ft effort will focus of the down-dip extension of four discrete high grade zones which were discovered last year. The two best sections returned 3.3 ft grading 1.16 oz and 5.92 oz gold per ton respectively.
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