CDN-listed Regal Goldfields has acquired a 51% interest in a 40-sq.-km property in western Cape Breton Island, N.S. and has started reconnaissance exploration for base metal sulphide deposits.
The property, acquired from private company North Cape Breton Resources, has a number of mafic intrusions and nickel-copper-cobalt showings.
Geochemical sampling has revealed high nickel and copper concentrations in the stream sediments.
Surface showings of nickel, copper and cobalt occur in a pyroxenite sill in the Faribault Brook area immediately south of Cape Breton Highlands National Park. The sill has been mapped using an airborne magnetic-gradient survey.
By completing $1 million in exploration, Regal can earn the option to acquire the remaining 49% interest in the property for 5 million Regal shares, with North Cape Breton retaining a 3% net smelter return royalty.
Regal’s initial phase of exploration will consist of an airborne magnetic and very-low-frequency electromagnetic survey to locate conductive bodies.
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