A copper prospect 12 miles north of the producing Samatosum mine near Kamloops, B.C., was recently optioned by Rea Gold (TSE). Rea can earn a 100% interest in the 4,100-acre property by paying $200,000 in option payments and spending $750,000 on exploration over the next three years. The vendor is retaining a 2.5% net smelter royalty.
Discovered during recent logging, grab samples from a high grade zone averaged 4.25-8.65% copper and 0.58-1.0 oz. of silver per ton. The company notes the high grade showing is about 3 ft. wide within a low grade zone which has been exposed over a width of about 45 ft.
The showing is described as a northwest striking, vertically dipping, disseminated and fracture filled chalcopyrite associated with quartz sericite alteration.
The company plans to begin an exploration program within the next few weeks.
Rea also owns a 30% interest and 5% smelter royalty in the Samatosum mine operated by partner Minnova (TSE). The mine produces silver, base metals and minor amounts of gold.
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