A deal has been struck among Ste. Genevieve Resources, Stratmin Inc. and 2438-8456 Quebec Inc. whereby Ste. Genevieve and Stratmin have acquired the numbered company’s option on the Courville gold property in northwestern Quebec.
In order to gain a 75% interest in the property, Ste. Genevieve-Stratmin must pay $425,000 over an 8-year period and spend a minimum of $1 million on exploration work before June 30, 1988. Should the terms of the agreement be met, Ste. Genevieve and Stratmin will each have a 37.5% interest, and the numbered company a 25% interest.
The numbered company may keep a 50% interest, however, by participating equally in exploration expenses once $500,000 has been spent by Ste. Genevieve-Stratmin. A 3% net smelter return is attached to the property, which may be reduced to 2.5% by payment of $500,000.
The Courville property is located 15 km west of Senneterre and consists of two unpatented mining claims covering about 100 acres and containing a gold mineralized porphyry sill at least 1,350 ft long by 200-to-300 ft wide, Ste. Genevieve spokesman Jean Depatie reports. The porphyry has been sporadically evaluated by drilling since 1930.
The entire property will be re- evaluated on an open-pit approach. An overburden of 15-20 ft covers the porphyry zone. An initial exploration program costing $600,000 is planned.
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