Atna sets sites on Temagami

Atna Resources (ATN-T) has signed a joint-venture agreement with Falconbridge (FL-T) to explore claims in the Temagami region of northern Ontario.

Atna can earn a 60% interest in Falco’s Temagami properties by spending $1.5 million over six years. The major reserves the right to earn back 10% by spending $1 million.

Falco acquired 135 claims during the 1996 Temagami staking rush, which was triggered by the dissolution of a 23-year ban on mineral exploration in the region.

Over the past year, the company has conducted magnetometer, electromagnetic and geological surveys, as well as geochemical sampling and limited drilling.

The most promising target is on the Kibble Lake grid where highly altered rhyolite volcanics and coincident magnetic and electromagnetic anomalies have been identified.

Atna has budgeted $200,000 for its 1997-98 program, and drilling is set to begin.