U.S. REPORT Teck exploring Oregon gold prospect

Through exploration expenditures totalling US$2 million over six years, Teck (TSE) can earn a 60% interest in the Buck epithermal gold property held by Carlin Gold (ASE) and Redfern Resources (TSE).

The eastern Oregon land package consists of about 12 square miles and is currently held 65% by Carlin and 35% by Redfern. Teck paid Carlin and Redfern US$25,000 upon execution of the agreement and is required to make staged additional cash payments, underlying property payments and maintain the claims to earn its interest.

Preliminary geologic mapping and geochemical sampling have been completed on much of the property, and Teck plans to begin exploration work this month.

The major has the right to earn an additional 15% interest in the property by financing exploration and development costs through to the start of production.