Queenston and Strike option two properties to Falconbridge

Partners Queenston Mining (TSE) and Strike Minerals (CDN) recently proved that you can still cut a deal with a major by optioning their Robertson Twp. base metal property and another property in northeastern Quebec to Falconbridge.

While low metal prices, especially gold, are making life difficult for juniors, Falconbridge has signed a letter of intent to earn a 50% stake in the 135-claim Robertson and nearby 25-claim McNeil Twp. properties. To exercise the option, the Toronto-based nickel giant must spend $1.5 million on exploration and make cash payments of $175,000 over four years. Located 14 km north of Matachewan, Ont. and within reach of Falconbridge’s Kidd Creek smelter, the properties are held 60% by Queenston and 40% by Strike Minerals.

As soon as weather conditions permit, Queenston Chairman Hugh Harbinson said he expects Falconbridge crews to begin detailed mapping and geochemistry on the Robertson property where a small massive sulphide lens was reported in 1990.

The discovery hole returned a 9.4-metre intersection averaging 1.45% copper and 4.7% zinc per tonne. Further work by Queenston and Strike also identified the favorable base metal stratigraphy extending for 6.5 km across the property.

Once Falconbridge has exercised its option, any further exploration will be conducted under joint venture terms involving Falconbridge owning 50%, Queenston 30% and Strike 20%. Falconbridge is jointly owned by Noranda (TSE) and Trelleborg AB of Sweden.