Gold Vessel to earn 49% of Manitou bet

From 1942 to 1979, before the slump in base metal prices, 7.5 million tons of zinc-silver ore from the property at an average grade of 4.52% zinc, 3.65 oz silver and 0.033 oz gold per ton was extracted from the property. An additional 3.6 million tons of copper was also produced from 1955 to 1971.

The agreement allows Gold Vessel to make staged payments in order to earn its interest. It is entitled to 1% for every $40,816 spent on exploration.

To earn an initial 12.5% stake, Gold Vessel must spend $500,000 by Feb 28, 1990. Further exploration expenditures of $500,000 would double Gold Vessels interest to 25%. An additional $1 million would bring Gold Vessel up to 49%.

According to Louvem, zinc-silver ore mined from the property was contained within massive sulphides. “Although less massive, the copper zones were also sulphide- rich containing mainly chalcopyrite and pyrite,” the company said.

The agreement is subject to regulatory approval.

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