An agreement with British-based Reunion Mining gives First Quantum Ventures (VSE) the right to earn a 45% interest in a 1,688-sq.-km exploration permit in Niger.
First Quantum must spend US$250,000 in the first year and US$350,000 in the second. Upon completion of the earn-in, Reunion will retain a 45% interest, with the remaining 10% held by the Nigerian government.
Preliminary exploration identified a 6-km-long, east-southeast-trending, coincident photo and ground magnetic anomaly that may represent a regional shear zone structure.
Two trenches across the anomaly returned results of 88 metres grading 0.43 gram gold per tonne and 50 metres grading 1.1 grams gold.
The joint venture plans to start comprehensive exploration in April, including mapping, geochemistry, pitting and trenching.
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