A joint venture agreement between Chutine Resources and Ateba Mines gives the latter the right to earn a 50% interest in Chutine’s Stover gold- silver property near Missanabie, Ont.
Abeta must spend $600,000 on exploration to earn the interest. In addition, the agreement gives Ateba the right to earn options for up to two million shares of Chutine and for Ateba to appoint nominees of not fewer than 60% of the directors on the Chutine board.
Ateba started work on the Chutine claims in September, 1987, under a previous agreement. Initial exploration consisted of stripping and trenching on two known gold- silver showings and led to the discovery of two new mineralized veins.
Stripping traced vein No 2 for a strike length of about 600 ft, while vein No 1 is exposed in only one location. A 5,000-ft diamond drilling program was initiated on Vein No 2 and will continue along with the trenching and stripping through the winter.
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