Soquem, the Quebec crown exploration company, has signed an agreement to earn a 50% stake in half the land surfaces covered by Meston Lake Resources’ Chibougamau and Joe Mann properties. Both are owned by Campbell Resources (TSE).
The 399-claim Chibougamau property is about three miles south of the town of Chibougamau, Que., and covers a surface area spanning about 45 square miles. While the optioned ground hosts several former gold-copper producers including the Henderson and Merrill mines, Soquem is planning to look for base metal deposits using a new geological interpretation and the latest exploration techniques. According to Soquem, the Chibougamau property has several good base metal showings and it is confident that new deposits can be found.
To exercise the option, Soquem must spend $3 million on the Chibougamau property and $4 million on the Joe Mann claims over the next five years. Located 35 miles south of Chibougamau and consisting of 223 claims, the Joe Mann property does not include the concession hosting the producing gold-copper mine of the same name. Also excluded from the agreement are about 30 claims adjacent to the Joe Mann mine.
Be the first to comment on "Soquem, Campbell in option deal"