Band-Ore signs up Placer on 144 property

Vancouver — Placer Dome (PDG-T, PDG-N) has formalized its option agreement on Band-Ore Resources‘ (BAN-T, BNDOF-O) 144 property located near Timmins, Ont.

The senior can earn a 70% interest in the gold project for cash payments of $500,000 and incurring $2.5 million in exploration expenditures over a 5-year period, following which a joint venture will be formed. Upon formation of a joint venture, Band-Ore’s share of exploration obligations will be carried until completion of a bankable feasibility study by Placer.

The 144 property comprises the western portion of Band-Ore’s flagship Thorne project and is also south of and adjacent to its Thunder Creek project, under option to Lake Shore Gold (LSG-V, LSGGF-O).

Mineralization in the area is associated with an ultramafic intrusive complex, which extends almost 2 km southwest onto the 144 property from Thunder Creek. At Thunder Creek, gold-bearing zones have been found in a series of southwesterly shear structures along the strongly carbonitized ultramafic-volcanic contact, and also along the contact of the footwall ultramafics with sedimentary units.

Placer has completed its 30-day due diligence period and made its first cash payment of $50,000 to the junior. Initial exploration consisting of line cutting, geophysics and drilling has started on the project.