Following an agreement between Joutel Resources (TSE) and Aur Resources (TSE), Joutel’s 26-claim copper-zinc prospect in northwestern Quebec will be given a second look.
Under the agreement, Aur has an option to earn a 51% interest in the property by spending $1 million on exploration by May 3, 1994, and making cash payments of $80,000. Aur may increase its interest to 70% by spending an additional $1 million and paying Joutel $50,000.
The Joutel deposit, near Joutel, Que., produced 1.6 million tons of ore grading 2.4% copper, 2.9% zinc, 0.5 oz. silver and 0.01 oz. gold per ton between 1967-75. On closing, the mine reported reserves of 117,000 tons (copper credit) and 41,000 tons (zinc credit) to a depth of 1,000 ft.
Aur, which has agreed to spend $200,000 on the prospect by May 3, 1992, is reviewing production and exploration data from the site. The company will test for plunge and strike extensions and repetitions of the Joutel massive sulphide deposit.
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