All-North sells Wellgreen property

Two parties — J.P. Sheridan of Toronto and VSE-listed Northern Platinum — have acquired an option on the Wellgreen property in the Yukon’s Kluane region.

The property has been explored intermittently since the 1970s when a short-lived and unprofitable underground mine produced nickel and other metals from massive sulphide lenses.

The owner of the property is All-North Resources (VSE), which recently granted an option to earn an 80% interest to Sheridan in return for $80,000 cash and a commitment to spend $4 million on exploration by Nov. 30, 2002. Sheridan, in turn, assigned the option to Northern Platinum, retaining back-in rights for half of that company’s interest at the feasibility stage. Sheridan is a director of Northern Platinum.

At last report, the property contained about 55 million tons averaging 0.35% nickel and 0.35% copper, along with platinum and palladium values. In 1992, All-North optioned the project to Black Hawk Mining (TSE). But after completing a due diligence review, the company decided not to proceed.