Atna Resources (ATN-T) recently announced an agreement with Cominco (CLT-T) to option a 49% interest in Cominco’s Fox property, situated in southeastern Yukon.
Fox is contiguous with the Wolf property, in which Atna is earn- ing a 65% interest from YGC Resources (YGC-V).
To earn its interest in Fox, Atna must spend $1 million on exploration, including at least 4,000 metres of drilling, over a 4-year period. A minimum of $150,000 must be spent on the Fox claims this year.
The junior can increase its interest to 80% by spending an additional $1 million on exploration. However, Cominco can earn back the interest dealt to Atna by spending twice the amount of Atna’s expenditures in excess of $1 million.
The Fox claims cover the northwest extension of the massive sulphide-barite mineralization found on the Wolf property where, last fall, Atna intersected 25 metres grading 6.9% zinc, 2.8% lead and 138.6 grams silver per tonne.
Airborne electromagnetic and magnetic surveys flown over the properties last year delineated “attractive” conductors on the Fox claims, Atna reports.
Atna expects an exploration program, which will include drilling, to commence later this month. The company has budgeted $900,000 for its Yukon work in 1998.
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