The Annic joint venture, an equal partnership between Tiomin Resources (ME) and Quebec Crown corporation Soquem, has acquired 53 sq. km on the North Shore of the Gulf of St. Lawrence in Quebec.
The joint venture, formed to explore for nickel-copper-cobalt deposits in the anorthosite intrusions of the region, staked seven claim blocks in its own right and acquired other claims under option from individual prospectors. The companies are using government-managed lake-sediment geochemistry and the results of airborne magnetic and electromagnetic surveys to select exploration targets. Preliminary grab samples from showings on the properties had nickel, copper and cobalt concentrations of up to 1.87%, 5.1% and 0.2%, respectively.
Soquem, as the property’s operator, will be performing ground geophysical surveys and geological mapping. Under the joint venture agreement, Soquem will operate projects up to the feasibility stage, and Tiomin will operate any projects that reach commercial production.
The government of Panama has still not ratified Tiomin’s contract to acquire the Cerro Colorado project. Tiomin announced that shareholders had approved an extension to Feb. 29 on its warrant issue, which had originally been subject to refund if the contract was not ratified by Jan. 16.
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