A recent agreement enables Consolidated Abitibi Resources (ME) to acquire the Marshall Lake polymetallic property from Challenger Minerals (VSE).
Situated 160 miles northeast of Thunder Bay, Ont., the property has a geological inventory estimated at 2.2 million tons averaging 1.2% copper, 4.2% zinc, and 2.45 oz. silver and 0.012 oz. gold per ton.
To acquire it, Consolidated Abitibi must drill 7,000 ft. by March 1, 1995, and a further 20,000 ft. by March 1, 1996. The cost of this year’s program is expected to be $175,000.
Challenger can buy a 25% working interest by paying a quarter of the cost of each drill program.
Aur Resources (TSE) has a 21% stake in Consolidated Abitibi, as well as certain back-in rights to the Marshall Lake property.
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