Redfern Resources (TSE) has signed an option agreement with Cumberland Resources (VSE). The deal gives Redfern the right to earn 50% of Cumberland’s interest in a base metals project held under option from Noranda (TSE).
Cumberland has the right to earn a 45% interest in Noranda’s Prairie River-Marlhill property near Terrace Bay, Ont. The 103-claim property covers four copper-zinc- gold zones along the eastern extension of the volcanic horizon hosting the Winston Lake zinc mine.
Redfern can earn its interest by spending $400,000 on exploration and property payments in addition to paying $50,000 to Cumberland by June 30. If the option is exercised, Cumberland and Redfern would each hold a 22 1/2% interest in the property with Noranda retaining the balance.
The Redfern-financed drill program will be part of an exploration effort designed to test systematically the target volcanic horizon. Known massive sulphides, intersected by previous drilling, are underlain by an extensive alteration zone that strikes for several kilometers, Cumberland says.
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