Belmoral is earning a 50% stake in the property by spending $450,000 on exploration over three years and paying $25,000 in cash. Under the agreement, Belmoral can purchase 50,000 Aurora common shares at 50 cents each.
The two companies are awaiting assay results from the first drill hole.
The property hosts the former Rock Lake copper mine which produced 1 1/2 million lb copper around the turn of the century grading 4% copper with reported values of 0.05 oz gold per ton.
In other news, Casau Exploration (VSE) of Vancouver recently completed a 1,200-ft drilling program at Aurora’s Hop-Acme project at Aishihik Lake, Y.T. Previous drilling there has outlined about 600,000 tons of copper gold mineralization.
At Hop-Acme, Aurora is carried for the first $75,000 in exploration expenses, after which it will hold a 25% working interest. For an additional 2-year period, Aurora may increase its working interest to 50% by putting up a proportional share of exploration costs.
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